The Japanese car group Toyota has increased its profits sharply in the past quarter. The Japanese manufacturer is relatively unaffected by the chip shortage in the car world because it still has a good stock of chips on hand.
This allows Toyota to take full advantage of the economic recovery from the corona crisis.
Profits rose by more than 460 percent year-on-year between April and June to a record high of 897.8 billion yen, or about 6.9 billion euros. It is the highest profit Toyota ever made in the first quarter of its broken fiscal year.
Toyota sold about 5 million cars in the first half of 2021, a third more year on year. Also, 36 percent more cars were produced than during the same period last year when factories were temporarily shut down due to corona restrictions. However, production was still slightly lower than in the first half of 2019.
Nevertheless, Toyota sees no reason in the substantial profit increase to raise its profit forecast for the rest of its broken financial year. Instead, the Japanese refer to ongoing uncertainties due to the spread of the coronavirus, high material prices and chip shortages.
Although Toyota has had little trouble with the chip shortage so far, the problems did not wholly pass the group. Recently, production in two factories had to be temporarily halted due to a shortage of chips. And the problems aren’t over yet, as analysts say the parts shortage could persist into 2022.