Global Automobile Market

Agence France-Presse Toyota on Tuesday said it expected a 79.5 percent drop in its annual operating profit this fiscal year as it suffers “significant” fallout from the coronavirus pandemic. The Japanese auto giant declined to give a net profit forecast for the fiscal year to March 2021 but noted that the impact of the crisis on its business was “wide-ranging, significant and serious”. The company now expects an annual operating profit of 500 billion yen ($4.6 billion), down 79.5 percent from the 2.44 trillion yen logged in the past year to March. Toyota forecast a near-20 percent drop in annual sales to 24 trillion yen, compared with 29.93 trillion yen achieved in the past fiscal year. The company’s net profit for the past year to March came to 2.076 trillion yen, up 10.3 percent on the y...