- Toyota Motor Corp (NYSE:TM) will cut down domestic production in April, May, and June to reign in chip supply crunch, Reuters reported.
- Global automakers have been facing a supply chain crunch since the COVID-19 pandemic struck and fear that the Ukrainian crisis could amplify their woes.
- Toyota plans to reduce domestic production by about 20% in April, about 10% in May, and about 5% in June from an earlier production plan, the report noted.
- Toyota produced 2.88 million vehicles in Japan last year.
- Price Action: TM shares closed higher by 0.23% at $164.43 on Thursday.
