Toyota Motor Corp on Wednesday cut its annual production target by a half a million more vehicles as a chip shortage and COVID sick leave crimped output.
It will build 8.5 million vehicles in the year to March 31, down from a previously estimated 9 million, the world’s biggest carmaker said, as it posted a 21% fall in operating profit for the three months to Dec 31.
“We don’t expect the imbalance in chip supplies to resolve quickly and the course of coronavirus pandemic is unclear,” a Toyota official told reporters. “We think that uncertainty will continue into the next business year,” he added.
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