Name: Toyota cuts output target as profits tumble
Uploaded: 2022-09-14T19:15:11.000Z
Duration: 1 min 3 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The automaker posted a worse than expected 25% drop in quarterly profit on Tuesday and cut its annual output target operating profit for the quarter dropped to $3.79 billion.

That's well short of an ally Estimates of over $5 billion.

It's the company's fourth consecutive quarterly profit decline.

Toyota says it now expects to produce 9.2 million vehicles this fiscal year.

That's down from previous forecasts of 9.7 million, but still ahead of last year, The Japanese giant is battling surging material costs and a persistent semiconductor shortage.

 It has warned that it remained difficult to predict the future production did rebound by 30% in the last quarter, but the company warned last week that component shortages would continue to constrain output in the coming months. 

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Toyota cuts output target as profits tumble

material

surge

expect

decline