Toyota Cuts April Production Target As Supply Chain Woes Continue

• 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.