TOKYO—Toyota Motor Corp. said it believed the worst of the economic impact from the coronavirus pandemic was over and auto sales could recover by the end of the year in its biggest markets.

“The lockdown regulations are being lifted in the U.S., and production is resuming,” said Kenta Kon, Toyota’s chief financial officer. In the U.S. and Europe, the combination of a recovering economy and government stimulus means car sales could rebound to 2019 levels by the end of the year, he said.

...