The chip shortage is bringing more profit to the world’s most profitable auto maker. The challenge for Toyota is how to navigate a future that is increasingly electric.
The Japanese automobile giant said Thursday that its operating profit last quarter rose 48% from a year earlier. That’s despite the fact that it sold roughly the same number of cars: as for other car makers, shortages of chips and other components hampered production. Toyota has probably prioritized its production lines to cars with bigger price tags. Both revenue, which was up 11% year over year, and operating profit came in above analysts’ expectations on S&P Global Market Intelligence.
