Toyota Shows It’s (Still) Going to Be Hard to Get a Car

The world’s biggest car company had a rough quarter, and its supply-chain problems aren’t going away any time soon. That’s a warning for other large manufacturers — and their stakeholders.

Toyota Motor Corp.’s profits fell 18% for the quarter ended June. Much of the hit came from raw material prices that knocked operating income down by 315 billion yen ($2.35 billion) and lowered sales because of constrained supplies. The Japanese company was also affected by “unexpected events,” like the Shanghai lockdown and floods in South Africa, which crimped production. Ultimately, operating income decreased by about $3.1 billion — down 42%. Japan and North America were particularly bad. With all the disappointment, the stock fell.