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AP National Business

Toyota lifts forecast despite pandemic’s supply chain damage

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Published 11:40 PM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s top automaker Toyota is reporting a 33% jump in second fiscal quarter profit as it raised its full year forecast despite supply chain woes related to the coronavirus pandemic. Toyota Motor Corp. recorded a $5.5 billion profit for the July-September period. Quarterly sales rose 11% to 7.5 trillion yen, or $66 billion. Supply chain disruptions in computer chips caused by the pandemic’s impact have hurt all the world’s automakers. But officials say production is recovering, and the company is revving up to meet the strong demand for its models, including those with solid profit margins.

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