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Toyota Cuts Production Outlook Owing To Chip Shortage

  • Toyota Motor Corp (NYSE: TM) slashed its production guidance by around 3% to 9 million units for FY22 due to Southeast Asia's covid resurgence.

  • The automaker had previously planned to produce 9.3 million units.

  • Toyota slashed the September output by 70,000 units and October by 330,000 while sticking to its FY22 operating profit of 2.5 trillion yen ($22.7 billion).

  • A decline in operations at multiple local suppliers and tighter semiconductor supplies led to the adjustment. While the current outlook appears robust, concerns loom from November onwards.

  • In August, Toyota had cautioned against production cuts due to the semiconductor and component crisis.

  • Toyota sought substitute parts to meet the global demand for cars.

  • Maruti Suzuki India Ltd sees a volume drop by about 40% of normal in August, Bloomberg reports. Suzuki Motor Corp (OTC: SZKMY) is shrinking vehicle production by 20% in September in Japan. Renault SA (OTC: RNSDF) plans to halt assembly plants in Spain for up to 61 days before the end of the year.

  • Price Action: TM shares closed higher by 0.04% at $180.07 on Thursday.

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