Big, futuristic investment bets on the post-coronavirus period still feel too early. Yet Toyota Motor Corp. seems to be confident that the dollars will matter.

That stands out in a world where most rivals can barely think about cash flows for the next six months, let alone investments a year from now. While guiding toward an 80 percent drop in operating profits for its 2020 fiscal year, Toyota says it plans to drop capital expenditures by around 3 percent and keep that spending at ¥1.35 trillion ($12.6 billion), while lowering research and development only 1 percent. As a portion of net revenues, R&D would rise to 4.6 percent to about ¥1.35 trillion, up from 3.7 percent, which is the average since 2017.

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