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Benzinga
Benzinga
Business
Shivani Kumaresan

Toyota Plans 10% Production Cut In May: Nikkei Asia

Nikkei Asia TM NYSE Toyota Motor Corp China
  • Toyota Motor Corp (NYSE:TM) has informed suppliers that it plans to reduce global production by 10% in May, Nikkei Asia reported.
  • The report noted the company plans to produce 700,000 vehicles for the month of May. It manufactured 670,000 vehicles last May.
  • The chip shortages have led the automaker to change its production plan repeatedly.
  • The global semiconductor shortage amplified by geopolitical tensions and a resurgence in COVID-19 cases in China has corporations worried over their economic activities.
  • Price Action: TM shares are trading lower by 1.74% at $166.68 on the last check Tuesday.
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