After Toyota President Katsuaki Watanabe complaining about the rising yen, Tokuichi Uranishi, executive vice president of Toyota announced that the carmaker will miss its sales target of 9.85 million vehicles for this year.
Slowing sales in the US, Europe and Japan will prevent the second-largest carmaker in the world from achieving its sales target for the current year despite the growth recorded in the emerging markets such as China where the carmaker might open its eighth factory or Russia where a new plant was recently opened.
Along with the slowing sales, the rising yen will also hurt the company’s profits on exports form Japan. A 1 yen gain in the Japanese currency against the dollar cuts Toyota’s annual profit by £175 million, according to the automaker.
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