Japanese automotive manufacturer Toyota’s sales in Q1 (April-June) nosedived 68.2pc to 1.84mn units. Production guidance stands at 8mn units, production in FY2020 was 8.71mn units. Sales prediction is at 8.3mn units which last fiscal was 9.46mn units.
Sales revenue forecast stands unchanged at JPY24,000bn and operating profit was at JPY500bn. In the previous fiscal year, sales revenue was at JPY29,866bn and operating profit was at JPY2,399bn.
Region wise, sales in the US dropped 38pc from the prior year, Asia sales slid 44pc. In Japan, sales fell by 50pc similar to a drop in Europe.
Toyota’s sales suffered amid COVID-19 related lockdowns across the world with major export markets like US, Japan and Europe which were under lockdown for a relatively more days compared to China where sales started to recover since March.
Sales revenue in Q1 stood at JPY4,600bn, down 40pc from the prior year, operating income slipped 98pc to JPY13.92bn. Toyota’s profits plunged 74pc as vehicles sales fell by more than half compared to prior year quarter. Profits stood at JPY158.8bn, down 74.3pc from the prior year.