COVID-19 drops Toyota’s profit by 80%, car sales fall by $14bn

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The outbreak of the coronavirus has led to a fall in profit level of car manufacturing company, Toyota Motor Corporation

The carmaker reported that it has recorded a $14 billion drop in car sales

The firm, however, reported that it expects an upsurge in its profits in 2021

The global car manufacturing company, Toyota Motor Corporation, has reported an 80% fall in its profit level.

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The drop, which is the lowest in nine years, comes at a time when Japan’s biggest automaker is grappling with the economic impact of the coronavirus.

It was gathered that the spread of the virus has also led to a $14 billion drop in car sales.

Analysts have concluded that there is the likelihood of limited output as a result of fractured supply chains and social distancing measures recorded at plants.

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Per a report by myjoyonline.com, Akio Toyoda, the president of the company, stated that “the coronavirus has dealt us a bigger shock than the 2008 global financial crisis. We anticipate a big drop in sales volumes, but despite that we are expecting to remain in the black. We hope to become a leader of the country’s economic recovery.”

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In 2019, Toyota sold vehicles to the tune of $10.46 million and expected to recover in 2021. The company’s main rivals, Honda Motor Co Ltd and General Motors have, however, refrained from issuing forecasts.

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