Toyota raises annual net profit forecast as chip shortage eases

Toyota pioneered hybrid cars with its uber-popular Prius model – Copyright AFP Richard A. Brooks

Japan’s Toyota raised its annual net profit forecast to a record high on Tuesday and reported strong sales in all regions in the first three quarters as the global semiconductor shortage eases.

The weak yen is also boosting earnings for the auto titan, which now expects to book a net profit of 4.5 trillion yen ($30 billion) this financial year, up from its previous forecast of 3.95 trillion yen.

Third-quarter net profit soared 86 percent on-year to nearly 1.36 trillion yen, the company said.

Demand is booming for Toyota vehicles, and production has recovered significantly from the semiconductor and supply shortages that have pummelled the auto industry in recent years.

Last week the firm announced record vehicle