Toyota Stretches Japan Production Cut Citing Chip Shortage

  • Toyota Motor Corp TM plans an additional domestic factory line production suspension in June and July.
  • The auto major took the decision citing an auto parts shortage resulting from the spread of COVID-19.
  • The number of units affected by the suspensions will be about 40,000, bringing down the global production plan for June to 750,000 units from the previous 800,000 units.
  • RelatedToyota Cuts Production Plan For June Again
  • However, the production outlook for the fiscal year 2022 remained unchanged at about 9.7 million units.
  • The company plans to announce the global production plan for July later.
  • Price Action: TM shares are trading lower by 1.10% at $155.02 on the last check Thursday.
  • Photo Via Wikimedia Commons
Market News and Data brought to you by Benzinga APIs
Posted In: NewsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!