Toyota's Quarterly Profits Hit by Scandal and Recalls

Toyota Motor Corp. experienced a substantial decline in profits for the July-September quarter, with net profit falling to 573.7 billion yen ($3.7 billion), primarily due to a certification scandal and recalls that affected sales. The operating profit for the period decreased by 20% to 1.2 trillion yen ($7.81 billion), amid challenges in Japan and China and a market shift towards electric vehicles. Despite these hurdles, Toyota maintained its full-year profit forecast of 4.3 trillion yen, indicating confidence in a recovery. While sales revenue showed a slight increase, global vehicle sales fell from 2.4 million to 2.3 million units. Toyota plans to enhance investment in human resources and growth areas, focusing on a 'multi-pathway' approach involving hybrids, fuel cells, and electric vehicles. The company is also addressing certification issues and aims to recover production levels in the second half of the fiscal year.