Toyota raises profit outlook despite tariffs

Toyota raised its full-year profit forecast yesterday, as the Japanese automaker bet solid performance outside the United States would help it ride out the impact of US President Donald Trump's import tariffs.

- DANIEL LEUSSINK

A Toyota bZ7 on display at the 8th China International Import Expo in Shanghai yesterday.

(AFP)

The world's top-selling carmaker now expects operating profit of ¥3.4 trillion ($22.6 billion) for the financial year to end-March, up 6% from the ¥3.2 trillion it previously forecast.

US tariffs have dealt a body blow to an industry already smarting from fierce competition from China's EV makers and a once-in-a-century upheaval brought by the advance of new driving technology. Toyota estimated the tariffs would cost it ¥1.45 trillion in the current financial year.