Toyota Cuts July Production Citing Parts Shortage

• Toyota Motor Corp (NYSE:TM) has cut its July global production plan by 50,000 vehicles due to the parts shortage resulting from the spread of COVID-19.
• The company expects the global production volume for July to be approximately 800,000 units (250,000 units in Japan and 550,000 units overseas).
• The auto major has decided to extend the previously announced operations halt in production lines as the COVID-19 outbreak at one of its suppliers raised concern.
• Related: Toyota Stretches Japan Production Cut Citing Chip Shortage
• The global production volume for July through September is estimated to average about 850,000 units per month. 
• Toyota said the production plan could be lowered further as the chip shortage might continue.
• Price Action: TM shares closed higher by 3.34% at $159.09 on Tuesday.
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