Toyota Motor Corp. revealed that it had a production loss of over 500,000 vehicles as a result of the disaster in Japan. It estimates that its net income will drop by 31% during the current fiscal year. It stated that it will begin to make up for the loss this October, which is when its factories will resume normal operations.
Toyota, which shut down its plants for several weeks after the earthquake, said that it seeks to end the current fiscal year with a slight increase in global production. For the fiscal year ended March 31, Toyota lost 220,000 units of output because of the March 11 disaster.
It anticipates to lose 450,000 units more for the current year ending March 31, 2012. Toyota might have had a production loss of 800,000 units globally during the current fiscal year; however, it aims to recover a portion of those losses by boosting its production for the second half.
Toyota seeks to build 350,000 more cars than originally planned in the second half. While announcing Toyota’s fiscal year financial forecast, Executive Vice President Satoshi Ozawa said that it will add extra volume by raising the number of work days and speeding up assembly lines.
Ozawa said that Toyota is “very good” at making adjustments to its production rates by improving the tact time and adding more workers on the assembly line.
Ozawa said that its global output will reach 7.39 million units in the current fiscal year, a marked increase from 7.342 million last year. The Toyota, Scion, Lexus, Daihatsu and Hino brands are included in these figures.