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.

 

Categories: Coronavirus