Toyota 2023 Sequoia on display at the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC
Toyota Motor on Wednesday warned investors that “unprecedented” increases in materials and logistics costs could cut the company’s full-year profit by as much as 20%.
The Japanese automaker said it expects materials costs to more than double to 1.45 trillion yen, or about $11.1 billion, in its fiscal year that started in April. Toyota said it plans to offset about 300 billion yen, about $2.3 billion, of those year-over-year increases through “cost reduction efforts.”
The global automotive industry has been battling supply chain problems for roughly a year and a half. A global shortage of semiconductor…