Toyota Plans 10% Production Cut In May: Nikkei Asia

• 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.