Toyota Lowers FY23 Production Target As Chip Supply Woes Continue

by Shivani Kumaresan, Benzinga Staff Writer

October 21, 2022 6:30 AM | 1 min read |

Toyota Motor Corp TM said its full-year production forecast for FY23 is expected to be lower than the previous forecast of 9.7 million units.
The planned global production volume for November is expected to be approximately 800,000 units (about 250,000 units in Japan and 550,000 units overseas).a
This is 50,000 units short of the average monthly production plan for October through December presented on September 22.
The production plan change is happening because of the semiconductor chip shortage.
The automaker reported a suspension of production in November (11 lines in 8 plants out of 28 lines in 14 plants).
Price Action: TM shares closed higher by 0.20% at $133.24 on Thursday.

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