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Benzinga
Benzinga
Business
Shivani Kumaresan

Toyota Cuts April Production Target As Supply Chain Woes Continue

Russia TM NYSE Toyota Motor Corp Ukraine
  • Toyota Motor Corp (NYSE:TM) said it plans to slash its vehicle production target in April by 150,000 units. The company's global production plan for April, including overseas production, is approximately 750,000 units.
  • The auto maker's decision follows a semiconductor shortage amid disruptions caused by the COVID-19 pandemic.
  • The global production plan average from April through June is around 800,000 units.
  • Recently, the Japanese automaker reduced its domestic production target by up to 20% for the April-June quarter.
  • The company and other automakers have halted production at their Russian plants due to supply chain disruptions after Russia invaded Ukraine.
  • Price Action: TM shares closed higher by 3.59% at $171.89 on Wednesday.
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