Toyota shrugs off chip shortage, sees profit soar
Toyota is shrugging off a global shortage of chips that has forced rivals to cut production.
Japan's biggest car maker said Wednesday (February 10) that it's raising output instead.
That's as it races to meet strong demand from markets including China.
The firm also raised its full-year earnings outlook as a result.
It's now targeting a record 19 billion dollars.
That's way above analyst forecasts and its own earlier predictions.
Toyota now expects to sell 9.73 million vehicles this year.
That's over 3% up on previous forecasts, but still down on last year, when it shipped more than 10 million.
The bullish outlook for production stands in contrast to rivals Nissan and Honda.
On Tuesday (February 9) they both said the chip shortage had cut output.
Toyota says it sees no such impact, but admits that a chip shortage could bite at some point.
Shares in the firm rose 1.7% in Wednesday trade.
