Toyota Motor Corp. raised its profit forecast Thursday for the current business year, on favorable currency rates and better-than-expected vehicle sales, but was cautious of the impact of the coronavirus outbreak on its China businesses and on parts procurement for other markets.
Vehicle output at many factories in China has come to a standstill, as automakers have suspended operations in line with government guidelines to prevent the spread of the virus.
The epidemic is likely to wreak havoc on auto sales and production in China in the first quarter, and has disrupted the supply of parts for some carmakers. Hyundai Motor Co. said this week it would have to suspend production in South Korea.