Thursday, November 4th, 2021
Profit increased
Toyota is getting through the chip crisis better
The ongoing shortage of semiconductors concerns the entire automotive industry. Toyota defies the delivery bottlenecks a little more successfully than the competition and uses the knowledge that the company has drawn from the Fukushima disaster.
Despite the global chip crisis, Toyota increased its profits in the second fiscal quarter more than expected by experts. The world’s largest automaker pointed to a recovery in demand and a weaker yen. The operating profit in the period to the end of September rose 48 percent to 750 billion yen (about 5.7 billion euros).
According to refinitive data, experts had expected 593.3 billion yen. Toyota raised its profit forecast for the full year to 2.8 trillion yen from 2.5 trillion previously. However, analysts expect an average of 2.92 trillion yen here. Toyota is now assuming deliveries of 10.29 million vehicles for the full year after 10.55 million previously.
Production target corrected downwards
Toyota revised down its production target for this month in mid-October due to the ongoing semiconductor shortage. Production should therefore be up to 15 percent lower, which would have meant 100,000 to 150,000 fewer vehicles. At that time, the Japanese company was still planning to make up for the loss in December and stuck to its production target for the fiscal year.
Toyota initially got through the chip crisis better than other car manufacturers. The background to this are lessons learned from the Fukushima disaster: It improved its supply chain management and required its suppliers to keep components in stock for up to six months.