Toyota Motor Corporation said it will remain profitable even as the novel coronavirus sweeps the globe. According to Automotive News, company CEO Akio Toyoda told shareholders that it is using lessons learned during the global financial crisis to overcome the challenges brought on by the pandemic.
Toyota also warned that profits will fall by 80% (a nine-year low) and targeted operating profit of 500 billion yen (RM20 billion) for the fiscal year through March. The target is not a plan, but rather a minimum standard that it’ll have to meet, said Toyoda.
Its plans to produce three million cars annually in Japan won’t change, although Toyota has halted a few domestic factories from April through June. Some of its suppliers were also affected by the coronavirus, with one filing for bankruptcy just last week. Toyota have since sought loans and credit lines from banks that will be used for development.
“If we don’t win, we wouldn’t be able to support this industry and country. We are different today from what we were during the financial crisis,” Toyoda said.
The shareholders meeting took place at Toyota’s headquarters in Nagoya. About 360 shareholders joined the meeting, far less than the previous sitting of 5,500 people. The meet lasted just 80 minutes, the shortest annual meet since 2000. Precautionary measures were implemented, such as temperature checks, seat reduction, and setting up transparent partitions in front of speakers.
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of course profitable la. see how you rip people off with your overpriced cars like the RAV4, CHR and a dated engine for the altis and camry.
Toyota is a senior carmaker and a powerful brand. Their Game Changers have proven engine, quality and RV. With their Game-Changing technologies, Toyota cars are always reliable and long-lasting. So no matter how bad the world condition is, Toyota will always be profitable
Sometimes u do say the right things. This is 1 of em.
Yeah, by ripping us off with your 3rd world brand Perodua. That is how you remained profitable all these years. Perodua does nothing but give overpriced lousy cars and sending all the profit back to you, their overlord Toyota.
Ahem, that would be Daihatsu san.
Die-hatsure minor lord
Toyol-tata major lord
Profitable but outside of Malaysia..
The Camry, Corolla, CHR, RAV4 and Lexus no business case here..
Rush, Vios and Yaris are budget products that doesn’t yield high ROI..
Maybe only Hilux could help..
Toyota does not need to worry about Malaysia.
USA and Japan are giving the big bulk of business, Toyota often no. 1 in sales numbers.
Indonesia and Thailand have recorded over 1 million units of new vehicles sold each in recent years and Toyota is known to capture more than 50% market share.
UMW Toyota sales of over 60-80k units a year is peanut to them.
While in Europe no Japanese car makers can be proud of strong sales, Toyota holds number one position in Australia, the Philippines, most of Middle East countries and a big share of African countries market.
For this reason Toyota needs to have 3 different types of categories which is – the high tech JDM which is shared with USA and Europe, luxury car market which is served by Lexus and also for the 3rd world ordinary market like Asean where Avanza, Vios, Rush, Fortuner, Innova and Hilux have a stronger presence.
Toyota still has many followers in Malaysia though, those who are still taken by its name appeal and high standards of reliability.