Toyota Cuts July Production Citing Parts Shortage

Toyota Motor Corp TM has cut its July global production plan by 50,000 vehicles due to the parts shortage resulting from the spread of COVID-19.
The company expects the global production volume for July to be approximately 800,000 units (250,000 units in Japan and 550,000 units overseas).
The auto major has decided to extend the previously announced operations halt in production lines as the COVID-19 outbreak at one of its suppliers raised concern.
Related: Toyota Stretches Japan Production Cut Citing Chip Shortage
The global production volume for July through September is estimated to average about 850,000 units per month.
Toyota said the production plan could be lowered further as the chip shortage might continue.
Price Action: TM shares closed higher by 3.34% at $159.09 on Tuesday.
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