Earnings

Toyota expects profit to drop 80% this year as virus saps car sales

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A customer looks at a newly purchased Toyota Motor Corp. vehicle at the Brent Brown Toyota dealership in Orem, Utah, on Monday, April 6, 2020.

George Frey | Bloomberg via Getty Images

Toyota Motor on Tuesday said it expects profit to drop 80% to its lowest in nine years, as Japan’s biggest automaker grapples with the impact of the novel coronavirus which has sapped global demand for vehicles.

Global automakers have begun to gradually resume operations factories after curbs on public movement prevented workers in many countries from commuting. But they face weak demand as job losses and concern about an economic downturn weigh on consumer spending.

“The coronavirus has dealt us a bigger shock…



Source cnbc.com

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