Toyota first-quarter U.S. auto sales drop nearly 15%

Adds track record

April 1 (Reuters)Toyota Motor Corp 7203.T documented a close to 15% drop in quarterly U.S. automobile sales on Friday, as a semiconductor and components shortage brought on by the COVID-19 pandemic saved inventories tight.

The auto field is even now grappling with a global chip lack that has pressured providers to slash creation, while substantial automobile costs have partly offset its impact.

Provide bottlenecks started off to relieve in modern months, but the development was stalled by Russia’s war against Ukraine as nicely as new lockdowns in China next a resurgence in COVID-19 infections.

“Stock will choose time to create mainly because a large selection of motor vehicles that are coming in now are currently offered to anyone. So unfortunately we are most likely going to have smooth quantities for at least a couple of extra months,” Morningstar analyst David Whiston stated.

The Japanese automaker explained to start with-quarter profits fell 14.7% to 514,592 motor vehicles.

(Reporting by Aishwarya Nair in Bengaluru Modifying by Vinay Dwivedi)

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