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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