This is a massive drop in profits but I don’t see what really explains them. Honestly sounds like cooking the books/creative accounting designed to create a talking point about taiwan and chip manufacturing. I’ll be interested to see what the MSM does with this : “China destroying toyota by preventing the export of sand to taiwan and their zero covid policy”.
Toyota employs over 370,000 workers worldwide. This kind of stuff will be used to harm the rights of labor.
You can do net loss carry backs and carry forwards for us corporate taxes. It essentially means free money for corps by treating things as losses, etc.
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Corporate accountants are very crafty, classifying things as losses means you can use them against 5 prior years of profit and get a return and 20 future years to reduce your liability. It happens all the time. It becomes free cash. Sometimes companies will acquire other shitty ones just for this purpose. That could what’s happening or not.