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Benzinga
Benzinga
Technology
Anusuya Lahiri

Toyota Motor Sees Additional Production Cuts As Semiconductor Crisis Continues To Bite

  • 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.
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