Toyota has significantly lowered its profit forecast due to the impact of U.S. import tariffs.
Toyota Motor Corporation estimates that the tariffs will have a negative impact of 1.4 trillion yen, approximately 8.1 billion euros, this year. Toyota announced this on Thursday when announcing its quarterly results.
The Japanese automaker now expects to post a net profit of approximately 2.7 trillion yen (approximately 15.7 billion euros) in the current fiscal year, partly due to the tariffs. Previously, Toyota expected a result of 3.1 trillion yen. “Due to the impact of U.S. tariffs and other factors, the actual result showed a lower operating income, and the forecast has been revised downwards,” Toyota reports.