Toyota reduces annual production by 300,000 vehicles amid COVID-19 spike
Toyota Motor Corp decided to cut its annual production target by 300,000 vehicles due to slowed output in Vietnam and Malaysia factories as COVID-19 cases surge
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Published - Sep 10, 2021, 09:02 PM ET
Last Updated - Jun 21, 2024, 03:31 AM EDT
By Shubhangi Mathur, 3:28 PM ET
Toyota Motor Corp decided to cut its annual production target by 300,000 vehicles due to slowed output in Vietnam and Malaysia factories as COVID-19 cases surge.
The rise in coronavirus cases have added to the global chip shortage issue faced by the automakers. Instead of 9.3 million vehicles, the Japanese automaker now expects to build 9 million vehicles in the year ending March 31.
Toyota said on Friday it will cut its output by 70,000 this month and by 330,000 in October. A total of 360,000 vehicle output cut in worldwide production had been announced in September.
