Toyota Motor Corp. gave a tepid outlook after recent scandals forced it to cut production, overshadowing a surge in hybrid sales that boosted profit to a record last year.

Toyota Motor forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings.

The weak yen was a big plus for Toyota sales, which makes the full-sized Tundra pickup and Sequoia SUV at its South Side plant.

The Japanese carmaker projected a drop in fiscal-year profit on higher costs and announced a share buyback after posting stronger fourth-quarter net profit thanks partly to a weaker yen.

Toyota Motor forecast a 20% decline in operating profit for the current financial year on Wednesday, after reporting a blockbuster 78% profit increase in the fourth quarter that just ended. The world's top-selling automaker expects operating income to total 4.

Toyota has forecast a 20 per cent decline in annual profit as the world’s largest carmaker increases spending in electric vehicles and artificial intelligence in a bid to create a “game changer” to compete against Chinese rivals.