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Benzinga
Benzinga
Business
Shivani Kumaresan

This Auto Giant Cuts Production Plans Citing Parts Shortage - Read More For Details

TM Toyota NYSE Toyota Motor Corp Wikimedia Commons Semiconductor Shanghai
  • Toyota Motor Corp (NYSE:TM) plans to cut global production by about tens of thousands of units to roughly 850,000 vehicles in June due to the semiconductor shortage.
  • The auto major expects to produce 9.7 million units for the full period of the fiscal year 2023.
  • The average global production plan from June through August is around 850,000 units.
  • Toyota noted that the shortage of semiconductors, the spread of COVID-19, and other factors make it difficult to look ahead.
  • It has also decided to suspend domestic factory line operations in May and June due to parts supply shortages caused by the lockdown in Shanghai.
  • Price Action: TM shares closed higher by 1.70% at 161.35 on Monday.
  • Photo Via Wikimedia Commons
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