Toyota Announces Plans to Cut Global Production Amid Chip Shortage
Toyota Motor Corp will cut global production by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage.
Toyota Motor Corp.
Toyota Motor Corp announced plans to cut global production by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage.
Still, the company forecasts it will produce about 9.7 million vehicles worldwide by March 2023.
The automaker also announced an additional domestic factory line suspension over supply shortages because of the COVID-19 lockdown in Shanghai. The additional suspension, affecting 16 lines at 10 factories, will last up to five days between May 25 and June 3.
Toyota will produce about 850,000 vehicles a month globally from June through August, though the company reports adding chips shortage and COVID-19 outbreaks and other factors "are making it difficult to look ahead."
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →