Iran war costs Toyota £3bn as prices of materials soar and sales fall

Carmaker gives one of biggest warnings yet of conflict’s impact on businesses while Trump tariffs also take toll

Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.

The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.