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Toyota sees gradual recovery by August amid COVID-19

Toyota sees gradual recovery by August amid COVID-19

Toyota Motor Corporation says will make 15,000 vehicles by August than its initial forecast of 750,000 even as coronavirus takes a toll.

The Japanese automaker said on Tuesday, as output recovers gradually from a steep drop because of the coronavirus pandemic, the Reuters reported.

According to Reuters’ calculations, August’s reduction is smaller than the cut of 10 percent seen in July, and June’s 40 percent reduction.

In the midst of the pandemic, the company also plans to skip media briefings for its fiscal first and third quarterly results, but only release filings, a company spokeswoman told Reuters.

The automaker had in May warned of an 80 percent collapse in its operating profits over the next 12 months.

“The decline in vehicle sales will be bigger than during the Lehman crisis, but because we will be able to remain profitable, we can continue to make investments for the future” in areas including self-driving technology and smart cities, said Akio Toyoda, chief executive, during an online news conference.

For the fiscal year ending in March 2021, Toyota said it expected an operating profit of $4.6bn compared with USD22.4 billion in the previous year.

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