Global auto growth speedometer reads low
Japanese automaker Toyota Motor Corp on Thursday said that its net income declined by 28 per cent at 353.6 billion yen for the first quarter ended September 30, mainly due to foreign exchange rate fluctuations. Not only this, the global auto giant has now announced a 56 per cent cut in its profit forecast. Toyota said that its profit forecast for the fiscal is now pegged at $5.5 billion, that’s about half of the earlier projected $12.6 billion and much less than last year's $17 billion.
