Toyota Cuts April Production Target As Supply Chain Woes Continue

Toyota Motor Corp (NYSE:TM) said it plans to slash its vehicle production target in April by 150,000 units. The company's global production plan for April, including overseas production, is approximately 750,000 units.
The auto maker's decision follows a semiconductor shortage amid disruptions caused by the COVID-19 pandemic.
The global production plan average from April through June is around 800,000 units.
Recently, the Japanese automaker reduced its domestic production target by up to 20% for the April-June quarter.
The company and other automakers have halted production at their Russian plants due to supply chain disruptions after Russia invaded Ukraine.
Price Action: TM shares closed higher by 3.59% at $171.89 on Wednesday.