This archive report was first published on 12 May 2020.
On May 12, 2020, Toyota issued a warning about the devastating impact of the COVID-19 pandemic on its business, expecting a 79.5% drop in its annual operating profit for the fiscal year to March 2021.
The Japanese auto giant attributed the decline to the 'wide-ranging, significant and serious' fallout from the pandemic, which has affected the global economy and the automobile market.
Toyota's annual operating profit is now expected to be 500 billion yen ($4.6 billion), down from 2.44 trillion yen in the previous fiscal year.
The company also forecast a near-20% drop in annual sales to 24 trillion yen, compared to 29.93 trillion yen achieved in the past fiscal year.
Despite a 10.3% increase in net profit for the past year to March 2020, Toyota's statement highlighted concerns about a sharp decline in many countries and regions due to the pandemic.
"As for the global economy going forward, there is concern that there will be a sharp decline in many countries and regions due to the impact of COVID-19," Toyota said in a statement.
