Toyota profit down as chips shortage keeps customers waiting

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota’s profit fell nearly 18% from a year earlier in the April-June quarter as a semiconductor shortage that has slammed the industry dented production at Japan’s top automaker. Toyota officials apologized Thursday to customers who have been waiting for their cars after putting in orders. Some have waited so long there was a model change in the interim. Toyota said various problems apart from the chips shortage have hurt production, such as flooding in South Africa and pandemic lockdowns in Shanghai. Electric vehicles, which need many computer chips, have been especially affected by the chips crunch. Rising material costs also hurt Toyota’s bottom line.