Toyota chief promises shareholders profits despite pandemic
13 June, 2020
Toyota Motor Corp CEO Akio Toyoda assured shareholders Thursday that the auto giant will remain in the dark for the existing business year whether or not the coronavirus crisis "exceeds the Lehman shock," thanks to years of cost-cutting initiatives.
"We can secure (operating) revenue" in fiscal 2020 through up coming March, Toyoda advised shareholders at their twelve-monthly general conference at the carmaker's headquarters in Aichi Prefecture. "Definitely Toyota is becoming stronger," he said.
The Japanese firm last month expected its group operating profit to fall almost 80 percent from the prior year to 500 billion yen ($4.7 billion), the cheapest in nine years. But it also said rigorous cost reductions will help ease the effects from the pandemic on global revenue.
The automaker has refrained from cutting any jobs. Instead it says it will keep your charges down by scrutinizing and increasing every aspect of its business.
Around 360 shareholders took part in Thursday's appointment, considerably significantly less than the record 5,546 this past year. The company had asked its stakeholders to vote via the web or by mail and avoid going to the gathering to avoid the spread of infection.
Source: japantoday.com
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