Toyota cuts production plan for the second time for June
Toyota Motor Corp (NYSE: TM) on Friday cut its global production plan for June for the second time this month amid chip shortage and supply chain constraints
• The automaker now expects to produce around 50,000 fewer vehicles in the month
Toyota Motor Corp (NYSE: TM) on Friday cut its global production plan for June for the second time this month amid chip shortage and supply chain constraints.
The Japanese automaker—which had already cut the production by 100,000 vehicles in June on Tuesday—now expects to produce around 50,000 fewer vehicles in the month.
The production cut comes as automakers face challenges related to microchip shortage and supply chain crunch due to Covid-19 lockdowns in China.
“Due to the impact of the lockdown in Shanghai, we have further decided to suspend operations at some of our domestic plants for the week of June 6 (Monday),” the company said.
Toyota also said that it could lower its full-year production plan of 9.7 million vehicles.
Lockdowns in China, which is both world's largest auto market and a global manufacturing giant, has impacted the company’s operations.
Picture Credits: Reuters
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