Toyota's profits plummet due to a lack of components

Toyota announced that profits fell 42% in the first quarter of its financial year, which ended June 30, surprising analysts and plunging share prices. The Japanese automaker earned just 578.66 billion yen (about 4.2 billion euros at current exchange rates), compared to 997.4 billion yen ($ 7.5 billion) made in the same period of the year. last. Analysts had predicted a decline in profits, but expected that they would be reduced by just 15%; as a direct result of the announcement, the automaker's stock prices fell three percent.

The automaker was hit with a number of manufacturing issues that made it unable to continue with construction of all planned vehicles. Toyota announced three times in the first three months of its financial year that it would cut production; this resulted in a 10% reduction in production in a single quarter.

| ); }
Toyota, in any case, is not the only company that has had to deal with the absence of components or with the continuous stops linked to the pandemic; the manufacturer, as if that were not enough, recently ended up under the magnifying glass of the media also for a singular case, which occurred in the United States, linked to the incorrect use, for Toyota, of a brand new GR86.