Toyota Motor Cuts November Production Outlook

Toyota Motor Corp TM slashed its global production target for November by ~15% due to the pandemic-triggered parts crisis.
Toyota cut the production target from 1 million units to 850,000 - 900,000 units.
This adjustment will affect ~50,000 units in Japan and 50,000 units - 100,000 units overseas; the total number of units affected globally will be ~100,000 units - 150,000 units.
Toyota affirmed the full-year production target of 9 million vehicles for the 12 months ending March 31, 2022, “due to the easing of restrictions on Covid-19 in Southeast Asia.”
Smaller-than-expected production cuts in September and October also helped, Toyota admitted.
“We’re seeing lower risks,” Toyota purchasing group chief officer Kazunari Kumakura said. However, as chip supply normalizes, supply and demand will remain tight, he added.
Price Action: TM shares closed lower by 0.15% at $175.51 on Thursday.

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