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Toyota Cuts July Production Citing Parts Shortage

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  • Toyota Motor Corp (NYSE: TMhas cut its July global production plan by 50,000 vehicles due to the parts shortage resulting from the spread of COVID-19.

  • The company expects the global production volume for July to be approximately 800,000 units (250,000 units in Japan and 550,000 units overseas).

  • The auto major has decided to extend the previously announced operations halt in production lines as the COVID-19 outbreak at one of its suppliers raised concern.

  • RelatedToyota Stretches Japan Production Cut Citing Chip Shortage

  • The global production volume for July through September is estimated to average about 850,000 units per month.

  • Toyota said the production plan could be lowered further as the chip shortage might continue.

  • Price Action: TM shares closed higher by 3.34% at $159.09 on Tuesday.

  • Photo Via Wikimedia Commons

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