- Toyota Motor (NYSE:TM) decides to reduce its planned global production further by ~70,000 units in September due to the global shortage of semiconductors and other parts
- Of these, 30,000 will be at Japanese plants, with the rest in the United States, China, Europe and other Asian countries.
- The production cut for October would see 330,000 units adjustments, which will slash 150,000 units volume in Japan and 180,000 units overseas.
- "Key reasons for the production adjustment include a decline in operations at several local suppliers due to the prolonged spread of COVID-19 in Southeast Asia and the impact of tighter semiconductor supplies," the company statement.
- The automaker cuts its full-year production target to 9 million vehicles for the year ending in March, down from its 9.3 million forecast.
- However, based on its current demand, the company says it assumes to maintain its production plan for November and beyond.
- "No change in operating income outlook." Toyota reaffirmed its FY 2022 operating income guidance to ¥2.5T as announced in its first quarter's earnings result.
- Earlier today, China auto sales fall for fourth straight month amid chip shortages