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- Toyota Motor Corp TM has lowered its annual production target by 500,000 vehicles to 9.20 million vehicles.
- The sharp cut in the FY23 target comes as the automaker suffers from difficulties in the procurement of semiconductors.
- Also Read: Toyota Lowers FY23 Production Target As Chip Supply Woes Continue
- Toyota also underlined the business headwinds, including the rapid changes in foreign exchange rates, higher interest rates, soaring materials prices, and more.
- Operating profit for the three months ended September fell to ¥562.7 billion, a 25% year-on-year decrease.
- The company attributed the profit decline to soaring materials prices and one-time costs despite the positive effect of the depreciation of the yen.
- Also Read: Ford Exits Russia Via Sale Of JV Stake
- Price Action: TM shares closed lower by 0.51% at $138.81 on Monday.
- Photo Via Company
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