Toyota to cut global production plan by 100,000 in June By Reuters

Toyota to cut global production plan by 100,000 in June

Stock Markets May 23, 2022 10:10PM ET

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Toyota to cut global production plan by 100,000 in June

TOKYO (Reuters) - Toyota Motor (NYSE:TM) Corp will cut its global production plan by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage, it said on Tuesday.

The company did not change its estimate of producing about 9.7 million vehicles worldwide by March 2023.

The automaker also announced additional domestic factory line suspension due to supply shortage triggered by COVID-19 lockdown in Shanghai. The additional suspension will be up to five days between Wednesday and June 3, affecting 16 lines at 10 factories for May and June in total.

It is planning to produce about 850,000 vehicles globally a month on average from June through August, it said, adding chips shortage and COVID-19 outbreaks and other factors "are making it difficult to look ahead."

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