Toyota Motor Corp. said Wednesday it expects net profit to rise 2.4 percent to 2.3 trillion yen ($21 billion) in the current business year through next March, buoyed by recovering auto demand in key markets even as the coronavirus pandemic continues to rage around the world.

Toyota forecast an operating profit of 2.5 trillion yen, up 13.8 percent from fiscal 2020, with sales expected to grow 10.2 percent to 30 trillion yen.

The world's biggest carmaker by volume plans to sell 10.55 million vehicles in fiscal 2021, up 6.4 percent from 9.92 million the year before, led by growth in key markets such as the United States.

"A further recovery in sales is a major factor (behind the outlook)," Toyota Chief Financial Officer Kenta Kon told a press briefing. Toyota will continue with its efforts to cut costs and secure stable supply chains.

Despite the fallout from the pandemic seen at the beginning of fiscal 2020, Toyota reported a net profit of 2.25 trillion yen for the just-finished business year, up 10.3 percent. Operating profit fell 8.4 percent to 2.2 trillion yen after sales dropped 8.9 percent to 27.21 trillion yen.

Toyota, which in 2020 reclaimed its title as the world's top-selling automaker for the first time in five years, including sales by group companies, has been relatively unscathed while its peers have been forced to cut production.

Nissan Motor Co. expects a production cut of around 250,000 units in fiscal 2021 due to the shortage of semiconductors, the Yokohama-based automaker said Tuesday.

==Kyodo

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