Toyota Motor expects to miss its annual production target of 9.7M due to chip shortage
After cutting the October's average monthly production to 750K vehicles from 800K vehicles (originally cut down from 900K) due to semiconductor shortages, Toyota Motor $Toyota(TM)$expects to miss its annual production target of 9.7M vehicles for the financial year through March 2023.
Revised target will be disclosed soon.
The automaker will suspend 11 production lines at eight domestic factories next month, affecting the output of a wide variety of vehicles including the Corolla, RAV4 and Yaris.
The automaker slashed its global production target for last financial year three times, from 9.3M in May 2021 to 8.5M this February.
It ended up producing about 8.6M vehicles in the last financial year, which ended on March 31.
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