Toyota Expects Profits to Drop Nearly 80%
Toyota says it expects profits this year to drop almost 80% as the coronavirus pandemic hits global car sales.
But the company also says it expects sales to slowly recover.
Tuesday Toyota said it anticipates an operating profit of $4.7 billion for the current fiscal year.
That would be the automaker’s smallest profit in nine years.
Toyota says it expects something of a rebound later in the year.
It hopes to reach 90% of levels seen in previous years by the end of 2020.