Toyota predicts record low sales and sharp drop in profits

Toyota predicts record low sales and sharp drop in profits

May 14, 2020 0 By autotimesnews

Company profits could fall by 80 percent

Toyota talked about the possible consequences of the crisis caused by the coronavirus pandemic: sales in 2020 will fall to a record low, and profits will decline by 80 percent. The company believes that COVID-19 “was a greater shock than the global financial crisis of 2008.”

According to the forecasts of the Japanese automaker, announced during the meeting on May 12, the operating profit for the fiscal year will be 4.7 billion dollars, and losses from lower sales are projected at 13.95 billion dollars.

In 2020, Toyota expects to sell 8.9 million cars worldwide – this will be the lowest result in the last nine years. In 2021, sales will reach the level of fiscal 2019 (10.46 million copies).