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Toyota Cuts Production Target by 3 Percent on Parts and Chips Shortages

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

TOKYO—Toyota Motor Corp. cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips. “It’s a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact,” Kazunari Kumakura, an executive at the world’s biggest car maker, said after the company revised its production target. Unlike other big global automakers that were forced earlier to scale back production plans, Toyota had managed to avoid cuts to output because it had stockpiled key components along a supply chain hardened against disruption following northeast Japan’s devastating earthquake in 2011. The Japanese carmakers’ announcement on Friday is a further sign that no part of the global car industry has escaped the affects of a pandemic that has sapped sales and is hobbling their ability to …

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