Toyota Cuts October Production As Supply Chain Woes Continue

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.
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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.
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