Toyota profits up despite chip shortage
Toyota raised its profit outlook on Thursday (November 4) as exchange rates played in its favour.
The Japanese automaker raised its full-year outlook for operating profit 12% to $24.5 billion - a six year high.
The company did say, though, that the value of profits earned abroad was inflated by a weaker yen.
Toyota also warned the global semiconductor shortage posed a risk to production plans.
Like most global carmakers, it has cut output this year due to the chip shortage.
The firm has already cut its yearly production target to 9 million vehicles.
And last month, Toyota slashed November output plans by as many as 150,000 vehicles.
While the chip shortage is a worry, the company still saw a big jump in earnings over the three months to the end of September.
Toyota posted a 48% jump in operating profits year-on-year to almost $6.6 billion - way ahead of forecasts.
Higher demand across major markets like China, Europe and the U.S. lifted sales.
Electric vehicles particularly showed signs of healthy growth.
