- Toyota Motor Corp TM has cut its June global production plan for the second time in a week due to the COVID-19 lockdown in Shanghai.
- The auto major cut production by 50,000 vehicles and now anticipates producing about 800,000 units in June.
- It has decided to suspend domestic factory line operations for the week of June 6, on top of the suspension announced earlier.
- The company now sees an average global production plan from June through August to 850,000 units per month and 9.7 million units for the full period of Fiscal Year 2023.
- Toyota has warned that the production may also be lower than cited due to the volatile supply chain situation.
- Price Action: TM shares closed higher by 2.79% at $165.53 on Thursday.
- Photo Via Wikimedia Commons
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