TOKYO, Nov 1, 2022 (BSS/AFP) - Toyota kept its annual net profit forecast
unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that
have forced the Japanese car giant to slash production targets.

The world's top-selling automaker said it now expects to sell half a million
fewer vehicles in the current financial year because of the global chip
shortage and other problems.

"It is still difficult to predict the future due to risks such as procurement
of semiconductors. Therefore, we decided to revise our (full-year production)
plan to 9.2 million units," the company said in a statement.

The weak yen should help inflate revenues, however, and the carmaker now
predicts annual sales worth 36 trillion yen ($240 billion), up from the
previous forecast of 34.5 trillion yen.

Japanese exporters have reaped the benefits of a cheaper yen, which has lost
more than 20 percent of its value against the dollar this year.

Buoyed by forex rates, Toyota had in August upgraded its full-year net profit
forecast to 2.36 trillion yen, which it maintained on Tuesday.

The company said higher material costs pushed down its profits in North
America in the first half, while business in Europe was affected by its
decision to pull out of Russia.

Toyota announced in September its decision to end production in Russia,
citing supply chain problems.