Toyota has downgraded its full-year profit forecast after the world’s largest car producer predicted a ¥1.4tn ($9.5bn) hit this year from US tariffs.
The automaker revised down its annual operating profit forecast by 16 per cent to ¥3.2tn, despite Japan securing an agreement to reduce US tariffs on auto imports from 27.5 per cent to 15 per cent.
The tariff impact for Toyota is bigger than the estimated maximum of $5bn for General Motors and $3bn for Ford and is likely to narrow the gap in profitability between the companies.
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