Toyota raises annual net profit forecast as chip shortage eases

Toyota raised its annual net profit forecast to a record high on Tuesday, reporting strong sales in all regions in the first three quarters as the global semiconductor shortage eases.

The weak yen is also boosting earnings for the auto titan, which now expects to book a net profit of ¥4.5 trillion ($30 billion) for the year ending in March, up from its previous forecast of ¥3.95 trillion.

Third-quarter net profit soared 86% on-year to nearly ¥1.36 trillion, the company said.