Toyota cuts production target by 3per cent on parts and chips shortages

10/9/2021 11:36:00 AM

Toyota cuts production target by 3per cent on parts and chips shortages

Toyota cuts production target by 3per cent on parts and chips shortages

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.'It's a combination of the coronavirus and semiconductors, but at the moment it is th

LinkedIn 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.LinkedIn TOKYO : Toyota Motor Corp cut its annual production target on Friday by 300,000 vehicles as a slowdown in output at COVID-19 hit parts factories in Vietnam and Malaysia added to the pain of a global shortage of auto chips.LinkedIn TOKYO : Toyota Motor Corp cut its annual production target on Friday by 300,000 vehicles as a slowdown in output at COVID-19 hit parts factories in Vietnam and Malaysia added to the pain of a global shortage of auto chips.LinkedIn Computacenter Plc said on Thursday it expects supply crunches to last until next year as the British IT services firm struggles with a global shortage of electronic components, including computer chips.

"It's a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact," Kazunari Kumakura, an executive at the world's biggest car maker, said after the company revised its production target.Unlike other big global automakers that were forced earlier to scale back production plans, Toyota had managed to avoid cuts to output because it had stockpiled key components along a supply chain hardened against disruption following northeast Japan's devastating earthquake in 2011.The Japanese car maker now expects to build 9 million vehicles in the year to March 31, rather than 9.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-19.3 million.Car sales in China in August fell by almost a fifth from a year earlier because there were fewer vehicles for people to buy.After earlier cutting production by 360,000 worldwide in September, Toyota said on Friday it will reduce output by another 70,000 this month and by 330,000 in October.Toyota now expects to build 9 million vehicles in the year to March 31, rather than 9.S.

3 million.It did not revise its 2.5 trillion yen (US$22.7 billion) operating profit forecast for the business year.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.Demand for chips has soared during the pandemic as consumer electronic companies rush to meet stay-at-home demand for their smartphones, tablets and other devices.A heavy reliance on Southeast Asian factories for parts is a headache for Toyota, but its also a problem for its rivals that have struggled with what Volkswagen AG has described as"very volatile and tight" chip supplies.The German carmaker has warned it may need to cut production further as a result.Ford Motor Co last month shut down production at a plant in Kansas that builds its best-selling F-150 pick up because of parts supply woes, with France Renault SA extending partial stoppages at factories in Spain.

German luxury carmaker Daimler this month said it expects chip shortages to significantly lower third quarter sales.(US$1=109.9200 yen) (Reporting by Tim Kelly; Editing by Muralikumar Anantharaman and Kim Coghill) Source: Reuters.

Read more:
CNA »
Loading news...
Failed to load news.

Toyota cuts production target on parts and chips shortagesTOKYO : Toyota Motor Corp cut its annual production target on Friday by 300,000 vehicles as a slowdown in output at COVID-19 hit parts factories in Vietnam and Malaysia added to the pain of a global shortage of auto chips.'It's a combination of the coronavirus and semiconductors, but at the moment it is t

Toyota cuts production target on parts and chips shortagesTOKYO : Toyota Motor Corp cut its annual production target on Friday by 300,000 vehicles as a slowdown in output at COVID-19 hit parts factories in Vietnam and Malaysia added to the pain of a global shortage of auto chips.'It's a combination of the coronavirus and semiconductors, but at the moment it is t

UK's Computacenter sees chip supply shortages until 2022Computacenter Plc said on Thursday it expects supply crunches to last until next year as the British IT services firm struggles with a global shortage of electronic components, including computer chips.The company, which provides IT strategy solutions and manages tech infrastructure, said adjusted pretax

Malaysia's July industrial production fell 5.2per cent , more than expectedSept 10 : Malaysia's industrial production fell 5.2per cent, more than expected, in Julyfrom a year earlier, government data showed on Friday.July's industrial production was expected to fall 1.9per cent, according to 12 economists surveyed in a Reuters poll.In June, the index was up 1.4per cent.

COVAX vaccine 2021 delivery target cut by almost 30%GENEVA: The global programme providing COVID-19 vaccines to poor countries is on course to fall nearly 30 per cent short of its previous goal of 2 billion shots this year, the international organisations running it said on Wednesday (Sep 8). The head of the GAVI Vaccine Alliance, which sponsors the COVAX p

Facebook developing machine learning chip - The InformationFacebook Inc is developing a machine learning chip to handle tasks such as content recommendation to users, The Information reported on Thursday, citing two people familiar with the project.The company has developed another chip for video transcoding to improve the experience of watching recorded and live