C: Alexander Londono – Unsplash

Earlier today, the Japanese auto-giant Toyota announced that it now expected annual forecasts to be close to double previously anticipated figures.

In a statement that said both its sales and production rates were bouncing back much faster than expected in the wake of the pandemic, it is understood the company now expects to turn a net profit of over 1.4 trillion yen for the year to March 2021.

The previous forecast had been 730 billion yen.

Reports now say that full-year sales for the company should be in the region of 26 trillion yen.

The car industry globally has been hit hard by the effects of the COVID-19 pandemic with leading Japanese automakers no different.

As a result, the figures posted today by Toyota will be raising more than a few eyebrows over the coming days and weeks as competitors both at home and in Europe look at their own books.

Speaking to the media following the announcement, COO of Toyota, Kenta Kon said “I think we were able to recover (in the second quarter),” adding that “sales outlets and suppliers (have) made efforts to deliver as many vehicles as possible”.

“For the last half of the year, we will be carefully monitoring the pandemic situation including lockdown. We can’t fully predict what’s ahead for the full year. We want to carefully monitor the coronavirus situation” he said.

Another Japanese auto-giant, Nissan is expected to post its first half earnings in the next week or so after earlier this year announcing a potential net loss of over US$6 billion for the year.

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