Toyota posts $20 billion profit for FY2020

NHK -- May 13
Japan's Toyota Motor Corporation says the group's net profit for the business year that ended this March rose to 2.2 trillion yen, or approximately 20 billion dollars.

Toyota revealed the figure in a financial summary that was released on Wednesday.

The automaker's production lines and sales were temporarily hard-hit by the coronavirus pandemic. But the company was able to introduce new models as planned, and that helped boost sales in the United States and China, where demand has recovered.

The company says it also managed to minimize the impact of the global semiconductor shortage.

The company is forecasting a net profit of more than 21 billion dollars for the business year from April, 2021 through March, 2022. It projects that 10.55 million vehicles will be sold worldwide.