- Toyota Motor Corp (NYSE:TM) looked at additional production cuts in March as the semiconductor chip crisis continues to pinch, Reuters reports.
- The production suspension will affect the production of ~14,000 Noah and Voxy minivans.
- Recently, the Japanese automaker reduced its domestic production target by up to 20% for the April-June quarter.
- Toyota looked to suspend production on one line at a factory for eight weekdays starting March 22 through the end of the month.
- Toyota had already suspended domestic production at two factories announced in February.
- Toyota also pledged to halt production at its joint venture plant with FAW Group in the city of Changchun, China, due to the COVID-19 resurgence.
- Interestingly, it looks to maintain its 8.5 million vehicle production target for the year.
- Toyota and other automakers have stopped production at their Russian plants due to supply chain disruptions after Russia invaded Ukraine.
- Price Action: TM shares are up by 3.04% at $165.99 premarket on the last check Tuesday.
