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Toyota's June Worldwide Production Drops 4.6%

Benzinga · 07/28/2022 07:52
  • Toyota Motor Corp (NYSE:TM) said its production for the month of June 2022, fell 4.6% Y/Y to 793,378 units.
  • Total production, including Daihatsu and Hino, declined 4.9% to 922,397 units.
  • RelatedToyota Stretches Japan Production Cut Citing Chip Shortage
  • For the first half of 2022, Toyota’s sales and production declined 6.1% and 3.5% Y/Y, respectively, due to the impact of the global spread of COVID-19 along with semiconductor shortages.
  • Production outside of Japan in the first half climbed 4.4% due to increased capacity and production optimization in China and a rebound from a slump caused by the impact of COVID-19 in various countries in the previous year, particularly in Asia.
  • However, Toyota warned that the situation remains challenging due to semiconductor shortages and the spread of COVID-19.
  • As a result, the company cautioned about the possibility of a downturn in the production plan. 
  • Price Action: TM shares are trading lower by 0.79% at $158.79 in premarket on the last check Thursday.
  • Photo Via Wikimedia Commons