TOKYO : Toyota Motor Corp cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips.
The Japanese carmakers' announcement on Friday is a further sign that no part of the global car industry has escaped the affects of a pandemic that has sapped sales and is hobbling the their ability to take advantage of the recovery in demand that followed the initial waves of COVID-19. Adding to a 360,000 vehicle cut in worldwide production in September, Toyota said on Friday it will reduce output by a further 70,000 this month and by 330,000 in October. It hopes to to make up some of that lost production before its year-end.
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