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Toyota Plans Additional Production Cuts In July

Benzinga · 07/27/2022 14:14
  • Toyota Motor Corp (NYSE:TM) has decided to cut domestic production by 4,000 vehicles in July.
  • The company took the decision due to the difficulty of procuring parts from a supplier caused by heavy rain damage, mainly in Aichi Prefecture.
  • RelatedToyota Cuts July Production Citing Parts Shortage
  • The company also warned that the production plan might be lower as the scenario remained difficult due to semiconductor shortages and the spread of COVID-19.
  • The auto major had recently halted orders for its SUV, Harrier, citing production hurdles.
  • Price Action: TM shares are trading higher by 0.50% at $158.85 on the last check Wednesday.
  • Photo Via Wikimedia Commons