Toyota Expects 80% Profit Drop this Year as Virus Weakens Car Sales

Toyota Motor said on Tuesday that it expects profits to drop 80% to their lowest level in nine years as Japan's largest automaker grapples with the impact of the new coronavirus that has reduced global demand for vehicles. Toyota forecast an operating profit of 500 billion yen ($ 4.66 billion) for the year until March 2021, 80% less than 2.44 trillion yen in the previous year finish. This would be its lowest profit since fiscal year 2011/12.