TOKYO—Japan’s Toyota Motor Corp. posted a surprise 22 percent rise in third-quarter operating profit on Thursday, as a weaker yen and higher sales volumes helped the world’s top automaker overcome a jolt from the soaring costs of raw materials.
Global car makers have been squeezed by both the semiconductor shortage and rising costs, adding to the complexity for companies trying to navigate the difficult shift to electric vehicles and fierce competition from newcomers.
Toyota said it was working to secure a stable supply of chips, according to a presentation that accompanied the results. Despite the headwinds, vehicle sales rose across all major regions, with North America, its biggest market, showing the strongest growth of 16 percent, double the overall average gain….