9/10, 11:17 AM (Source: TeleTrader)
more TeleTrader news

Toyota to cut production by 3% due to COVID, chip shortage

Toyota has revised down its annual production target by 300,000 vehicles, according to company executive Kazunari Kumakura on Friday.

The largest car manufacturer in the world has succumbed to the effects of the global shortage of chips and supplies caused by COVID-19 infections in Southeast Asia, despite initial resilience compared to competitors owing to its stockpiling of key components. "It's a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact," Kumakura stated.

Despite the production target cut, Toyota has not revised its $22.7 billion annual operating profit forecast.

Breaking the News / IB