Toyota reports quarterly profit decline amid chips crunch

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota Motor Corp. says its profit fell 31% in the last quarter as a shortage of computer chips offset foreign exchange gains from a weaker yen. Toyota’s quarterly profit through September totaled 434 billion yen, or $2.9 billion, down from nearly 627 billion yen a year earlier. The maker of the Camry sedan, Prius hybrid and Lexus luxury models said it faces many challenges, including rising interest rates, soaring materials costs and fluctuating exchange rates. A shortage in semiconductors, coronavirus lockdowns in Shanghai and flooding in South Africa also bit into earnings.