Toyota Again Cuts Production Forecast Citing Supply Chain Woes; Suffers 25% Drop In Q2 Profits

Toyota Motor Corp TM has lowered its annual production target by 500,000 vehicles to 9.20 million vehicles.
The sharp cut in the FY23 target comes as the automaker suffers from difficulties in the procurement of semiconductors.
Also Read: Toyota Lowers FY23 Production Target As Chip Supply Woes Continue
Toyota also underlined the business headwinds, including the rapid changes in foreign exchange rates, higher interest rates, soaring materials prices, and more.
Operating profit for the three months ended September fell to ¥562.7 billion, a 25% year-on-year decrease.
The company attributed the profit decline to soaring materials prices and one-time costs despite the positive effect of the depreciation of the yen.
Also Read: Ford Exits Russia Via Sale Of JV Stake
Price Action: TM shares closed lower by 0.51% at $138.81 on Monday.
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