- Toyota Motor Corp.

Toyota Motor Corp.

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.

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."

 

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