Toyota’s sales are certainly going places. They’re going down. Toyota expects profits this year to plunge nearly 80% as the coronavirus pandemic slams global car sales.
Mid-sized trucks, small profits: The Japanese automaker, one of the world’s largest, said Tuesday that it expects operating profit to reach only $4.7 billion this year.
- That may seem like a lot to us regular folk, but it’s actually going to be the smallest profit for Toyota in nine years.
Toyota said it expects to sell only 7 million cars this year, down from the nearly 9 million it sold last year.
However, the company said also it expects something of a rebound later this year: Sales should slowly recover in the months ahead and reach 90% of the levels seen in previous years by the end of 2020.
Don’t worry! As promised, Toyota will keep moving forward.