Toyota To Cut Production Over Chip Crunch: Reuters

Toyota Motor Corp TM will cut down domestic production in April, May, and June to reign in chip supply crunch, Reuters reported.
Global automakers have been facing a supply chain crunch since the COVID-19 pandemic struck and fear that the Ukrainian crisis could amplify their woes.
Toyota plans to reduce domestic production by about 20% in April, about 10% in May, and about 5% in June from an earlier production plan, the report noted.
Toyota produced 2.88 million vehicles in Japan last year.
Price Action: TM shares closed higher by 0.23% at $164.43 on Thursday.