Toyota Motor Corp. (TM) stock information
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TM Records an 80% Profit Drop as Covid-19 Lower Car Sales Wednesday, 27 May 2020 18:51 The Toyota Motor Corp (ticker: TM) said that it's expecting an 80% profit drop, due to the coronavirus impacts that have adversely affected the sale of cars. The industry's expected damage highlights how the carmakers will struggle to recover from the pandemic's effects, as different governments prohibit the movement of people. Although Toyota is one of the most profitable automakers, they expect a 1.5 trillion yen hit from a fall in car sales this year. However, they still expect to make an operating profit of around 500 billion yen.
Toyota president Akio Toyoda said, The virus has dealt us a bigger shock than the 2008 global financial crisis, and we anticipate a big drop in sales volume. However, the company still hopes to be a leader in the country's economic recovery. Despite the profit slump, the company can't stop investing in the future, and they intend to use more than 1 trillion yen on capital expenditure and R&D investment. Toyota Shares rose almost 2% in the New York trading session on Wednesday.
