Toyota Motor Corp. It is the world's largest automaker, as well as the biggest loser in the automotive industry in terms of alleged losses from the trade war unleashed by President Donald Trump, as reported by Bloomberg.
Duties imposed on imported cars and auto parts forced General Motors Co. cut its annual profit forecasts by $5 billion, while Ford Motor Co. suspended its annual forecast due to uncertainty about U.S. duties, which could reduce the company's operating profit by about $1.5 billion.
In just two months, Toyota's profit fell by $1.2 billion. Although the Japanese automaker did not provide estimates for this year, it forecast an operating profit of 3.8 trillion yuan ($26.1 billion) in the fiscal year ending March 31, 2026, well below analysts' expectations of 4.7 trillion yuan. Despite the fact that Toyota has increased production in the United States, it still depends on imports of key automotive components and some models — about 1.2 million vehicles per year.
Earlier, Trump criticized Toyota for selling "a million foreign cars" in the United States.
"As for customs duties, it is still very uncertain. It is difficult to take action or assess the consequences," Toyota CEO Koji Sato said last week.
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