Toyota warns profits could plunge nearly 80% car sales should start to recover

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(CNN) — Toyota expects profits this year to plummet almost 80 percent as the coronavirus pandemic hits global car sales.

But the auto giant says sales should slowly recover.

On Tuesday, Toyota said it is expecting operating profit to hit just $4.7 billion dollars for the current fiscal year.

That would be the Japanese car maker’s smallest profit in nine years.

The company anticipates selling seven million cars this year – down from nearly nine million last year, but regional variations make that number hard to predict.

However, Toyota also expects something of a rebound later this year.

The company believes sales should reach 90 percent of levels seen in previous years by the end of 2020.

Stay with News 2 for continuing coverage of the COVID-19 Pandemic.


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