independent.co.uk
Toyota Profit Plunges Amidst Scandal
Toyota's profit plunges due to production halts caused by a certification scandal and recalls, but the company maintains its full-year forecast.
English
United Kingdom
International TradeFraudAuto IndustryFinancial PerformanceProductionRecalls
Toyota Motor Corp.Hino MotorsDaihatsu Motor Co.Honda Motor Co.Nissan Motor Co
Yuri KageyamaYoichi Miyazaki
- What fraudulent activities led to Toyota's production stoppages?
- The production stoppages resulted from fraudulent testing, including the use of inadequate data in crash tests and incorrect airbag inflation testing, impacting vehicle sales and profits.
- What are Toyota's plans to address the issues and improve its future performance?
- Toyota plans to invest more in human resources and growth areas, pursuing a multi-pathway approach with hybrids, fuel cells, and electric vehicles. They also plan to improve their subsidiaries and supply chains.
- What was the main cause of Toyota's significant profit decline in the July-September quarter?
- Toyota's July-September profit plummeted to $3.7 billion, less than half of the previous year's profit of $1.28 trillion, due to production stoppages following a certification scandal and recalls.
- How did Toyota's vehicle sales perform in the latest quarter compared to the previous quarter?
- Toyota sold 2.3 million vehicles globally in the latest quarter, a decrease from 2.4 million vehicles in the previous quarter. Their full-year vehicle sales forecast has also been reduced to 10.85 million vehicles.
- What is Toyota's full fiscal year profit forecast, and what is the expected recovery timeline?
- Despite the significant profit drop, Toyota maintained its full fiscal year profit forecast at $23 billion, down from the previous year's $4.94 trillion. Recovery of vehicle production is expected in the second half of the fiscal year.