FILE PHOTO: Visitors crowd Toyota Motor Corp’s booth at the 44th Tokyo Motor Show in Tokyo, Japan, November 2, 2015. REUTERS/Issei Kato
February 9, 2022
TOKYO (Reuters) -Toyota Motor Corp on Wednesday cuts its annual vehicle production target as a chip shortage crimped vehicle output, posting a 21% fall in third-quarter operating profit to 784.4 billion yen ($6.80 billion).
The company lowered its production target for the year to March 31 to 8.5 million vehicles from 9 million.
The result for the three months to Dec. 31 was higher than an average forecast of 716.8 billion yen based on the estimates from nine analysts, Refinitiv data shows.
Toyota stuck with its full-year profit forecast of 2.8 trillion yen. That prediction is lower than a mean 3.04 trillion yen profit based on forecasts from 27 analysts, Refinitiv data shows.
($1 = 115.4200 yen)
(Reporting by Tim Kelly; Editing by Stephen Coates, Jacqueline Wong and Tom Hogue)
Source: One America News Network
