Aug 07 (krmg.com) - Toyota’s profit plunged 74% in the last quarter as the coronavirus pandemic sank vehicle sales to about half of what the top Japanese automaker sold the previous year.
Toyota Motor Corp. reported on Thursday a profit of $1.5 billion in April-June, down from 619 billion yen in the same period last year.
Toyota sold nearly 1.2 million vehicles globally during the quarter through June, down from 2.3 million vehicles last year.
Quarterly sales dipped 40% to $43.6 billion, almost entirely because of damage from the pandemic that resulted in lockdowns, production halts and sales disruptions, the company said.
Toyota’s sales were hurt in nearly all global markets, including the U.S., Japan and Europe. Sales were starting to recover in China, where the outbreak began late last year.
Although all the world’s automakers have been hurt badly by the outbreak, Toyota managed to stay in the black for the quarter, highlighting the resilience of the manufacturer of the Corolla subcompact, Prius hybrid and Lexus luxury models.
