Mitsubishi To Cut Global Production By 16,000 Units For May To Counter Chip Crisis: Bloomberg - Mitsubishi Motors (OTC:MMTOF), (MMTOY)

The Japanese automaker, Mitsubishi Motors Corp MMTOF MMTOY, will reduce global production by roughly 16,000 cars in May due to the semiconductor chip crisis, Bloomberg reports.
In March, Mitsubishi aimed to reduce the domestic vehicle output by 4,000 to 5,000 units at its Okazaki and Mizushima plants due to the crisis. The automaker was reviewing its production plans for April at that time.
Mitsubishi produced 90,745 units globally in January and 88,754 cars in February.
The semiconductor crisis was intensified by the Texas winter storm and fire at auto-chip maker Renesas Electronics Corp’s RNECF Japanese chip plant and could jeopardize the production of 1.3 million vehicles. Major automakers, including General Motors Co GM and Ford Motor Co F, have extended production cuts.
Price action: MMTOF shares closed higher by 0.75% at $2.67 on Thursday.