Aside from the well-known semiconductor problems, Covid lockdowns in Shanghai and other parts of Asia as well as flooding in South Africa hurt the results. Toyota shares fell -3.45% after it released its earnings report, which showed a 42% year–over-year drop in operating profit, but recovered slightly to close down -2.99%. The Nikkei average share closed up 0.69% at ¥27,932.20 and even topped the ¥28,000 mark.
Nonetheless, TMC sold ~2 million vehicles during the quarter compared to 2.1 million vehicles in the same period last year. TMC also reaffirmed its to produce 9.7 million vehicles, saying output will increase later this year. It projects sales 10.7 million vehicles worldwide in the fiscal year through March 2023, up from nearly 10.4 million vehicles in the previous fiscal year.