Toyota Motor reported a second consecutive quarterly profit drop Wednesday, posting a 28% year-on-year decline in operating profit. Toyota’s net income grew significantly, keeping its full-year dividend forecast unchanged from the previous year. The Japanese auto giant plans to set up a Shanghai-based company to develop Lexus BEVs and batteries, with production beginning in 2027. Toyota has focused on hybrids rather than fully electric vehicles, lagging behind competitors in adopting battery-powered EVs.
