Toyota posts nearly 20% drop in second-quarter operating profit, missing estimates

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Toyota posts nearly 20% drop in second-quarter operating profit, missing estimates

A Toyota bZ Compact SUV is pictured after a briefing on EV (electric vehicle) battery strategies at the companys showroom in Tokyo on December 14, 2021.

Behrouz Mehri | Afp | Getty Images

********* automaker Toyota Motor on Wednesday reported its first quarterly operating profit drop in about two years, as it strives to navigate the market shift toward electric vehicles.

Here are Toyota’s results compared with estimates from analysts, compiled by LSEG.

Revenue: 11.44 trillion yen vs. 11.41 trillion yenOperating profit: 1.16 trillion yen vs. 1.24 trillion yen

Toyota has been slower in embracing fully battery-powered electric vehicles, with chairman Akio Toyoda

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saying that an “electric-vehicle only future” would lead to job losses in the automotive industry.

“There are 5.5 million people involved in the automotive industry in Japan. Among them are those who have been doing engine-related (work) for a long time,” Toyoda told reporters, according to Reuters.

“If electric vehicles simply become the only choice, including for our suppliers, those people’s jobs would be lost.”

The world’s largest automaker by sales volume saw a 20% year-on-year drop in operating profit.

The company maintained a full-year operating profit of 4.3 trillion yen.

Toyota also has been in the spotlight this year due to the multiple vehicle recalls, most recently in September.

The latest recall of 42,000 vehicles was over the loss of power brake assist that can extend the distance required to stop, according to the

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. It affected certain 2023-2024 Corolla Cross Hybrid vehicles, the administration said.

Early in June, Toyota lost over $15 billion in market value after Japan’s 

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 was used by ********* automakers to certify certain models.

The wide-ranging 

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 also found irregularities in certification applications by other automakers Honda, Suzuki and Yamaha.

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