Toyota Motor said it would cut back global production in December due to worsening supply chain shortages caused by the latest flair-up of the Covid pandemic in the region.
The automaker said it planned to cut global production to around 750,000 vehicles next month, including 500,000 at its domestic plants and 250,000 units overseas.
The company also said it had revised its global output forecast for the full fiscal year ending 31 March 2023 to 9.2m units, down from 9.5m earlier in the year to take into account new risks including further potential shortages of semiconductors and other parts due to the latest lockdowns in China in response to a new surge in Covid infections.
The company said in a statement: “We will continue to closely examine the supply of parts and work with related parties to consider all possible measures to ensure that we can deliver as many vehicles to our customers at the earliest date.”
In terms of domestic plants, operations will be suspended in December on four production lines at three plants – out of 14 plants and 28 assembly lines – for between one and four days. The factories affected by the cuts are the Takaoka, Tahara and Miyata plants, which mainly produce SUVs such as the RAV4, Harrier, Land Cruiser Prado, Lexus GX, and 4Runner.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData