Toyota Q1 profit tumbles, hit by double-whammy of supply constraints and costs ...Middle East

Toyota Motor Corp posted a worse-than-expected 42% hit to quarterly operating profit on Thursday as the Japanese automaker was squeezed by both supply constraints and rising costs. Operating profit for the three months ended June 30 sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year earlier, capping some difficult months for Toyota. It has repeatedly cut monthly production targets due to the global chip shortage and COVID-19 curbs on plants in China.

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Toyota Q1 profit tumbles, hit by double-whammy of supply constraints and costs ...Middle East

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