Microchip Shortage Forces Toyota To Raise Prices Across The Board

Toyota is reading price hikes in the United States and Europe to counteract its higher costs triggered in part by the microchip shortage.

Throughout the July-September quarter, Toyota’s operating profit fell 25 per cent to 562.7 billion ($3.87 billion) while its operating profit margin shrank to 6.1 per cent from 9.9 per cent a year earlier. Furthermore, net income slid 32 per cent to 434.2 billion yen ($3 billion) and while revenue rose 22 per cent to 9.22 trillion yen ($63.8 billion), this was largely due to favorable foreign exchange rates.

 

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