Toyota Motor Corp announced plans to cut global production by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage.
Still, the company forecasts it will produce about 9.7 million vehicles worldwide by March 2023.
Toyota Announces Plans to Cut Global Production Amid Chip Shortage
Toyota Motor Corp will cut global production by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage.
May 25, 2022
Credit:
Toyota Motor Corp.
1 min to read
The automaker also announced an additional domestic factory line suspension over supply shortages because of the COVID-19 lockdown in Shanghai. The additional suspension, affecting 16 lines at 10 factories, will last up to five days between May 25 and June 3.
Toyota will produce about 850,000 vehicles a month globally from June through August, though the company reports adding chips shortage and COVID-19 outbreaks and other factors "are making it difficult to look ahead."
Originally posted on Auto Dealer Today
More Industry
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →
Global Roads Getting More Electric
China easily reigns in the segment, but European countries’ adoption rates are growing. The U.S., probably due to market size, has the second biggest EV fleet.
Read More →
Black Book: Weekly Market Update
The full-size pickup segment, which has been dominant in the U.S., ended 11 consecutive weeks of gains with a slight dip last week.
Read More →
Black Book: Weekly Market Update
Wholesale auto conversion rates dropped slightly as auction buyers proved picky last week, analysts observed.
Read More →
EV Battery Cycle Life at Risk
Fast charging of electric vehicles provides a solution for range anxiety, but it also poses a risk to battery cycle life due to increased temperatures, according to an EV supply chain data provider.
Read More →
Founding Family Sells Nebraska Dealerships
Expanding Midwest automotive group picks up three stores as part of the robust transaction activity early this year.
Read More →
March New-Vehicle Sales Don’t Reflect War
Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.
Read More →
Volvo to Shift Some EV Production to U.S.
The automaker says its movement of some electric-vehicle work to the S.C. factory is part of a more tailored product focus. It also plans to add a new hybrid model to the plant’s itinerary.
Read More →