Toyota has admitted that its 2011 profit outlook is now dismal in the wake of the country’s devastating earthquake. The company now projects its operating profits will fall 35% year-over-year in 2011, according to Reuters.
The news likely isn’t a shock for those monitoring the situation in Japan closely.
A v-shape recovery has yet to take hold, as the country’s energy infrastructure revs up again in the wake of the Fukushima crisis. Supply chain issues have slowed Toyota’s production around the world, and similar issues are hitting other Japanese manufacturers.
It is now likely Toyota will slip behind both GM and Volkswagen in terms of auto manufacturer sales in 2011, according to Reuters.
Business Insider Emails & Alerts
Site highlights each day to your inbox.