Toyota Motor Corp. has cemented its status as Japan’s healthiest auto maker, boosting its profit projections after a faster-than-expected rebound from the pandemic. Toyota has weathered the turmoil in the automotive market better than its peers, and it said it hasn’t had to reduce production significantly during the recent industrywide shortage of semiconductors. Toyota’s chief financial officer, Kenta Kon, said the company had stockpiled several months’ worth of parts, helping it ride out the chip shortage. While most car makers think the chip shortage will continue to reduce production into the summer, Toyota is optimistic that the problem will ease sooner, he said. As for the new electric vehicles, Toyota said the models would include two battery electric vehicles and one plug-in hybrid vehicle.

Source: Mint February 11, 2021 17:03 UTC