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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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