Toyota has forecast a 20 per cent decline in annual profit as the world’s largest carmaker increases spending in electric vehicles and artificial intelligence in a bid to create a “game changer” to compete against Chinese rivals.
Shares in Toyota briefly fell as much as 3 per cent on the weak forecast on Wednesday despite a blockbuster year that boosted the carmaker’s profits to a record on the back of strong sales in gas-electric hybrids and the weaker yen.
For the fiscal year through March 2025, the company expects an operating profit of ¥4.3tn ($28bn) compared with ¥5.3tn in fiscal year 2024, an estimate that was significantly below analyst expectations.
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