Toyota achieved record profits last year despite being knocked by the Covid pandemic but it has warned of a shortfall in 2023 caused by strong industry headwinds.
Bosses say Toyota's earnings could fall by as much as a fifth next year because an “unprecedented surge” in material costs has hit vehicle production.
The Japanese firm, which presented its financial results for the 2021/22 financial year in Tokyo today, said profits hit a record three trillion yen (£18.6 billion), up 36%, beating a previous high from 2016.
It achieved this record despite a 15% drop in car sales, from 8.95
