Toyota said that it is bracing for a 31 percent drop in net income during the current fiscal year. The Japanese automaker said that the drop is a result of Japan’s March 11 earthquake that cut more than a 500,000 vehicles from its production plans.
Toyota said that it will start making up for the lost production in Oct., which is when it expects most of its factories to resume normal operations.
As a result of the earthquake, Toyota lost 220,000 units in the fiscal year that ended March 11. It lost another 450,000 units during the current year ending March 31, 2012. The company would have lost 800,000 units globally during the current fiscal year, but plans to recover some of that by pumping up output in the second-half of this year.
– By: Omar Rana
Source: Automotive News