Toyota Motor Corp. TM -2.85%▼ said the auto industry faces a tough year because rising raw-material costs and a shortage in semiconductors continue to hamper production.
The company said it expected rising prices for raw materials would lower operating profit by the equivalent of $11 billion in the current fiscal year ending March 2023–a record hit. It projected that net profit would fall 21% in the year to the equivalent of about $17 billion, causing the share price to fall 4.4% in Tokyo trading Wednesday.
