This Auto Giant Cuts Production Plans Citing Parts Shortage - Read More For Details

by Shivani Kumaresan, Benzinga Staff Writer

May 24, 2022 7:34 AM | 1 min read | Make a Comment

Toyota Motor Corp TM plans to cut global production by about tens of thousands of units to roughly 850,000 vehicles in June due to the semiconductor shortage.
The auto major expects to produce 9.7 million units for the full period of the fiscal year 2023.
The average global production plan from June through August is around 850,000 units.
Toyota noted that the shortage of semiconductors, the spread of COVID-19, and other factors make it difficult to look ahead.
It has also decided to suspend domestic factory line operations in May and June due to parts supply shortages caused by the lockdown in Shanghai.
Price Action: TM shares closed higher by 1.70% at 161.35 on Monday.
Photo Via Wikimedia Commons

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