Toyota expects to cut full-year output target

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2 年前

STORY: Toyota said Friday (October 21) its annual vehicle production would likely come in below its target.

The Japanese automaker blamed a global semiconductor shortage.

Toyota had aimed for an annual production of a record 9.7 million vehicles.

But analysts had grown concerned after it missed its goals in the first four months of the fiscal year.

Production did rebound in August, but output in October is expected to be around 750,000.

That's below the original plan for an average of 900,000 a month for September through November.

Toyota did not say by how much its output target would be lowered.

Friday's announcement hurts the hopes of Japanese automakers the chip shortage would ease.

They hoped more semiconductors would help raise production in the second half of the financial year to make up for constrained output in the first half.

Soaring inflation, rising interest rates and growing risks of economic recession in major markets have also hit the demand outlook.

Auto production also remains tight in general due to the chip shortage and health crisis-related restrictions.