Toyota announced that its revenues in the July-September period decreased by 11% compared to the same period of the previous year. Nevertheless, this performance managed to go beyond the projected performance.
Almost no industry has remained the same since the coronavirus epidemic hit the world. Problems related to the pandemic have emerged in almost every field. One of them is undoubtedly the automotive sector.
For the Japanese company Toyota, one of the important names in the sector, this process was expected to be quite challenging. Nevertheless, the company performed much more successfully than its weaker competitors, and managed to exceed the anticipated earnings.
Toyota declares profit
The Japanese giant managed to post a profit of 470.5 billion yen (38.4 billion TL) in the last quarter. The company’s earnings during this period were 11% less than the same period last year. Period sales also fell by about 1 trillion yen.
Nevertheless, the firm stood out as more successful than predicted. Akio Toyoda, the head of the company, said that the employees of the company worked hard in every field, including making masks and face shields, and that they achieved this result by increasing their factory productivity.
Stating that each of their employees want to make the world a better place, Toyoda said that the company has also become stronger. He stated that the success achieved is an indication that each worker works hard.
Toyota model continues to operate
In fact, Toyota has an approach that makes production for orders rather than mass production and reduces storage costs by providing instant supply. Therefore, supply chain disruptions were expected to affect the company much more negatively. However, this was not the case.
The company, which expected to sell 9.1 million vehicles in previous projections, increased this expectation to 9.4 million. The company’s end-year profit target was updated to $ 13.5 billion. Although the pandemic hit the whole industry and put Japan into recession, Toyota seems to continue on its way strongly.