Toyota braces for 80% drop in profit

The novel coronavirus pandemic is set to hit the automaker where it hurts, but it is not the first crisis Toyota has weathered. By Freddie Holmes

The world’s largest automaker has warned that its operating income could plummet by 79.5% over the next fiscal year (FY), which ends in March 2021. It also forecasts a decrease in vehicle sales to 1.95 million units, which would mark a year-over-year decrease of more than 20%. This, said company President Akio Toyoda, would be a worse performance than during the global financial crisis of 2008.

Even with…

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