Toyota’s profits rise as global chips supply crunch subsides

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota’s January-March profit has edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased. Toyota racked up 552.2 billion yen, or $4 billion, in quarterly net profit. Quarterly sales soared nearly 20%. The automaker is forecasting its annual profit to rise 5.2%. Automakers worldwide have been hurt by a shortage of computer chips and other auto parts because of restrictions over the coronavirus pandemic that crimped production in various countries. Toyota sold 10.56 million vehicles for the fiscal year through March, including its group makers like Daihatsu and Hino.