Japan’s Toyota lowers target output of automobile due to parts shortages

Due to the shortage of parts, Japan’s car manufacturer Toyota lowered its global target output to 8.5 million units for the fiscal year from April 2021 to March 2022, reduced from the target of 9 million units previously set in January.

Toyota said that the company’s output forecast was affected by the current semiconductor shortages and rising COVID-19 cases at its domestic plants and at its vendors.

Besides, owing to the shortages, Toyota has stopped its domestic assembly lines. Seven of its 28 production lines at six of its 14 plants are closed this month, and the production cuts are likely to be extended to March. Also, Toyota will shut three production lines at two of its plants next month.
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