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Benzinga
Benzinga
Business
Shivani Kumaresan

Toyota Stretches Japan Production Cut Citing Chip Shortage

Toyota TM NYSE Toyota Motor Corp Wikimedia Commons Covid-19
  • Toyota Motor Corp (NYSE:TM) plans an additional domestic factory line production suspension in June and July.
  • The auto major took the decision citing an auto parts shortage resulting from the spread of COVID-19.
  • The number of units affected by the suspensions will be about 40,000, bringing down the global production plan for June to 750,000 units from the previous 800,000 units.
  • Related: Toyota Cuts Production Plan For June Again
  • However, the production outlook for the fiscal year 2022 remained unchanged at about 9.7 million units.
  • The company plans to announce the global production plan for July later.
  • Price Action: TM shares are trading lower by 1.10% at $155.02 on the last check Thursday.
  • Photo Via Wikimedia Commons
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