Toyota warns profit to skid 20% as raw materials costs pile up:
compact car said it expects materials costs to more than double to 1.45 trillion yen in the fiscal year that started in April, which it expected to deal with by switching to lower-cost materials.
"We need to think about how we can respond to material inflation by eliminating the distinction between original equipment manufacturers and suppliers and working together as one," chief financial officer Kenta Kon told reporters, referring to car makers. "Since the price of materials is rising, we need to work to reduce the amount of materials we use as much as possible and to replace them with less expensive materials."
The automaker expects to sell 8.85 million vehicles globally this fiscal year, up 7.5% from last year. Toyota, which in December committed 8 trillion yen to electrify its cars by 2030, said raw material costs tend to be even higher for batteryCustomers, however, are sensitive to price hikes, said Chief Technology Officer Masahiko Maeda, making it hard for Toyota to pass on rising costs, a feat that EV leader
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