Toyota Motor cuts production targets due to shortage of parts and chips

Toyota Motor

Toyota Motor cut its annual production target by 300,000 vehicles on Friday. Due to the impact of the new crown epidemic, the production of parts and components plants in Vietnam and Malaysia has slowed, and the global shortage of automotive chips has been added.

“This is a dual combination of the new crown epidemic and semiconductor issues, but the current impact of the new crown epidemic is overwhelming,” Toyota executive Kazunari Kumakura said after the company revised its production targets.

Toyota now expects to produce 9 million vehicles this fiscal year instead of 9.3 million.

Toyota previously announced a reduction in global production of 360,000 vehicles in September. It said on Friday that it will reduce production by another 70,000 vehicles this month and 330,000 vehicles in October.

Benjamin Turner

Benjamin Turner is a journalism graduate with keen interest in covering Technology news – specifically wall street business. He has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years. Benjamin goal with this website is to report accurately on all kinds of stock news, and have a great deal of passion for Technology news reporting. Benjamin is diligent and proactive when it comes to Technology news reporting.

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