Good results were supported by high car sales abroad and favorable exchange rate developments. The carmaker stated it on Wednesday. Toyota’s fiscal year begins on April 1 and ends on March 31.
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Toyota’s sales for the three months to the end of June rose 72.5 percent to 7.94 trillion JPY (1.56 trillion crowns). Operating profit rose to a record 997.49 billion from 13.92 billion yen in the same period last year.
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Toyota’s financial results are good despite the global shortage of semiconductors, which raises concerns about further developments in the automotive industry. It affected the production of competitors such as Hyundai Motor and Ford Motor. According to the Flex chip manufacturer’s forecast, this shortage will persist until at least mid-2022. A more pessimistic scenario speaks of a continuation of the shortfall until 2023.
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Toyota was helped in this regard by its business continuity plan, which it developed in response to the Fukushima nuclear power plant accident in 2011. The plan requires carmakers’ suppliers to have a supply of chips for two to six months.
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The company thus has high stocks of semiconductors even in times of global shortage. These chips are used in the production of important parts – engine maintenance systems to safety and entertainment systems
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Recently, however, Toyota has been facing production problems in Thailand, where it cut off car production at three plants in July due to a shortage of pandemic-related components.
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