Toyota Motor Sees Additional Production Cuts As Semiconductor Crisis Continues To Bite - Toyota Motor (NYSE:TM)

Toyota Motor Corp TM looked at additional production cuts in March as the semiconductor chip crisis continues to pinch, Reuters reports.
The production suspension will affect the production of ~14,000 Noah and Voxy minivans.
Recently, the Japanese automaker reduced its domestic production target by up to 20% for the April-June quarter.
Toyota looked to suspend production on one line at a factory for eight weekdays starting March 22 through the end of the month.
Toyota had already suspended domestic production at two factories announced in February.
Toyota also pledged to halt production at its joint venture plant with FAW Group in the city of Changchun, China, due to the COVID-19 resurgence.
Interestingly, it looks to maintain its 8.5 million vehicle production target for the year.
Toyota and other automakers have stopped production at their Russian plants due to supply chain disruptions after Russia invaded Ukraine.
Price Action: TM shares are up by 3.04% at $165.99 premarket on the last check Tuesday.