Toyota has said the Middle East conflict will cost it more than ¥670bn ($4.2bn) in higher costs and lost sales, becoming the latest carmaker to lay bare the strains caused by the turmoil.
The world’s biggest carmaker said on Friday that the hit from surging prices for parts such as aluminium and rubber tyres, as well as lost sales in the region, would result in a 22 per cent fall in net profit to ¥3tn. That would be the third consecutive annual drop.
“We do not believe we can fully offset negative ¥670bn Middle East impact,” said Takanori Azuma, accounting group chief officer at Toyota.
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