May 10, 2017

Toyota suffers first profit fall in five years

Japanese car giant Toyota has seen profits fall for the first time in half a decade. Toyota has warned next year's profits will be even lower, due to the strength of the Japanese currency. The carmaker's prediction is based on a forecast that the yen will average around 105 to the US dollar in the year through to March 2018, compared with 108 yen in the last financial year. Toyota, which has lost its top-selling carmaker status to Germany's Volkswagen sold 10.25 million vehicles over the year, up from 10.19 million units a year earlier. Earlier this year Toyota said it would invest $10bn in the US over the next five years.

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