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Automobiles

Toyota sees profit sliding 21% amid 'unprecedented' cost surge

Japan auto giant's forecast reflects rising raw material prices and chip shortages

Toyota expects to be hindered by supply chain disruptions in the year ahead but boosted by Japan's weakening currency. (Photo by Yuki Nakao)

TOKYO -- Amid concerns of higher raw material prices and prolonged semiconductor shortages, Toyota Motor expects a net income of 2.26 trillion yen ($17.4 billion) for the current business year through next March, down 20.7% annually.

The Japanese auto giant on Wednesday projected operating income of 2.4 trillion yen, down 19.9%, and revenue of 33 trillion yen, a 5.2% increase. The carmaker anticipates adding to the number of units, despite struggles with soaring raw material costs.

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