Toyota braces for 80% drop in profit

The world’s largest automaker has warned that its operating income could plummet by 79.5% over the next fiscal year (FY), which ends in March 2021. It also forecasts a decrease in vehicle sales to 1.95 million units, which would mark a year-over-year decrease of more than 20%. This, said company President Akio Toyoda, would be a worse performance than during the global financial crisis of 2008.

Even with