Toyota Lowers FY23 Production Target As Chip Supply Woes Continue

Toyota Lowers FY23 Production Target As Chip Supply Woes Continue
  • Toyota Motor Corp TM said its full-year production forecast for FY23 is expected to be lower than the previous forecast of 9.7 million units.
  • The planned global production volume for November is expected to be approximately 800,000 units (about 250,000 units in Japan and 550,000 units overseas).a
  • This is 50,000 units short of the average monthly production plan for October through December presented on September 22.
  • The production plan change is happening because of the semiconductor chip shortage.
  • The automaker reported a suspension of production in November (11 lines in 8 plants out of 28 lines in 14 plants).
  • Price Action: TM shares closed higher by 0.20% at $133.24 on Thursday.

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