Russian Toyota plant downtime hurts automaker’s well-being
- November 1, 2022
- 0
The freeze of car production at a production site near St. Petersburg in March this year cost Toyota a lot of money. The AvtoVzglyad portal has reviewed the
The freeze of car production at a production site near St. Petersburg in March this year cost Toyota a lot of money. The AvtoVzglyad portal has reviewed the Japanese company’s financial report for the first half of 2022 published today.
— We incurred a loss of 341 billion yen, mainly due to losses on swap prices and the cost of ending our production in Russia. As a result, excluding the general impact of exchange rates, gains and losses from swap valuation and other factors, operating income declined 830 billion yen year over year, the document said.
At the current exchange rate, 341 billion yen in losses is about $2.3 billion. The report also indicated that Toyota’s total revenue for the two quarters of 2022 was $17,709 trillion. yen – about $119.5 billion. This is 14.4% higher than the figure for the same period last financial year. Despite such a significant increase, the automaker’s operating profit fell by more than a third (by 34.7%) to 1.14 trillion. yen ($7.7 billion).
Recall that Renault’s loss from leaving Russia is estimated at 2.3 billion euros. As a result of exiting the Russian market, Nissan Motor reported a loss of approximately 100 billion yen, or $686 million. And the departure of Mercedes-Benz from Russia caused the German carmaker a total financial loss of about 2 billion euros, according to some experts.
— We incurred a loss of 341 billion yen, mainly due to losses on swap prices and the cost of ending our production in Russia. As a result, excluding the general impact of exchange rates, gains and losses from swap valuation and other factors, operating income declined 830 billion yen year over year, the document said.
At the current exchange rate, 341 billion yen in losses is about $2.3 billion. The report also indicated that Toyota’s total revenue for the two quarters of 2022 was $17,709 trillion. yen – about $119.5 billion. This is 14.4% higher than the figure for the same period last financial year. Despite such a significant increase, the automaker’s operating profit fell by more than a third (by 34.7%) to 1.14 trillion. yen ($7.7 billion).
Recall that Renault’s loss from leaving Russia is estimated at 2.3 billion euros. As a result of exiting the Russian market, Nissan Motor reported a loss of approximately 100 billion yen, or $686 million. And the departure of Mercedes-Benz from Russia caused the German carmaker a total financial loss of about 2 billion euros, according to some experts.
Source: Avto Vzglyad
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
