Toyota have wrung a profit out of the 2nd quarter despite plunging sales amid the COVID-19 pandemic. The relatively robust results come as all major Japanese automakers—Nissan, Honda, Subaru, Mazda, and Mitsubishi—slumped to quarterly operating losses in the April-June period. Operating profit nearly evaporated, plunging 98% to $129m in the automaker’s Q2 ended June 30 and net income tumbled 74% to $1.48b in the period, as revenue fell 40% to $43b.
A faster-than-expected rebound in China also helped keep Toyota above water. Operating profit in China actually surged in the April-June period as sales rose 14%. Toyota predict operating profit will fall 79% to USD $4.7bn in the current fiscal year ending March 31, 2021, while net income is expected to drop 64% to $6.8bn Revenue is seen down 20% to $223bn.
Global sales are forecast to fall back 13% to 9.1 million vehicles in the fiscal year through March 31, 2021, from 10.46 million vehicles in the previous year.