Toyota reports 8% drop in profit as chip shortage continues to affect industry

The company logo highlights the grille of a 2021 Tacoma pickup truck on display in the Toyota exhibit at the Denver car show (David Zalubowski/AP)

Toyota has reported an 8.1% drop in fiscal third quarter profit as a global shortage of computer chips and soaring raw material costs battering the industry hit Japan’s top car maker.

The firm’s October-December profit totalled 727.9 billion yen (£4.6 billion), down from 791.7 billion yen (£5 billion) the previous year.