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Toyota Cuts October Production As Supply Chain Woes Continue – Toyota Motor (NYSE:TM) – Stocks to Watch
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Toyota Cuts October Production As Supply Chain Woes Continue – Toyota Motor (NYSE:TM)

ByShivani Kumaresan

Sep 22, 2022
Toyota Cuts October Production As Supply Chain Woes Continue - Toyota Motor (NYSE:TM)

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  • Toyota Motor Corp TM plans to produce about 800,000 vehicles in October, about 100,000 vehicles short of the previously announced production estimate.

  • The company attributed the decision to the impact of semiconductor shortages resulting from the spread of COVID-19.

  • Toyota had previously estimated an average monthly vehicle production of 900,000 units for three months (September through November).

  • The global production plan for October through December is planned to average approximately 850,000 units per month.

  • Also Read: TSMC Chief Blames Low-End Chips For Hindering Supply Chain

  • However, the company has not changed the financial year forecast of 9.7 million units.

  • The latest cut is seen as a worrisome sign as the auto giant continues to reel under shortage in the key vehicle component and wider supply chain disruptions.

  • Price Action: TM shares are trading higher by 0.31% at $138.00 in premarket on the last check Thursday.

  • Photo Via Wikimedia Commons

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Shivani Kumaresan

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