Toyota misses May global output target

The world’s largest automaker by sales said it produced 634,940 vehicles globally in May, 5.3% fewer than in the same month last year and short of its target of about 700,000 – the third consecutive month it has missed its monthly output goal.

Toyota, which fared well during the earlier months of a global semiconductor crunch due to its large stockpile of chips, has repeatedly cut production this year as it faced shortages of key chips and components as well as supply disruption due to Covid-19 containment measures in China.The latest forecast is 750,000 vehicles, roughly 12% below than the original estimate of 850,000.

Production also rose in countries including Thailand and Indonesia which were significantly affected by Covid-19 outbreaks last year.Toyota in mid-April said it planned to produce 750,000 vehicles in May but soon lowered that by 50,000 due to Covid-19 lockdowns in Shanghai. Toyota had recently cut its stake in Uber Technologies Inc by about half after the ride-hailing giant divested the autonomous driving unit at the centre of their collaboration.

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