Toyota cuts June output plan again, to 800,000 vehicles
Toyota has cut production due to chip shortage and COVID-19 shutdowns
Toyota Motor Corp. is cutting its global production plan for June for the second time this week.
The automaker is reducing its planned output by about 50,000 vehicles to 800,000.
The company said the reason for the cut is the COVID-19 lockdown in Shanghai.
Camry vehicles move through final inspection after coming off the assembly line at the Toyota manufacturing plant in Georgetown, Kentucky. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
On Tuesday, Toyota cut its production plan for June by about 100,000 vehicles to roughly 850,000. Friday's announcement means the company has now cut 150,000 vehicles from its June estimates.
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Toyota said it still expects to produce 9.7 million vehicles worldwide in the current financial year, though there is a "possibility" that estimate could be lower.
JAPAN'S TOYOTA TO CUT PRODUCTION BY BETWEEN 5%-20% FROM PREVIOUS PLAN
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 225.28 | -7.75 | -3.33% |
The Japanese company said it would suspend operations at some of its domestic plants for the week of June 6.
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Earlier this year, Toyota forecasted production cuts in April, May and June, but at that time the reason was the computer chip shortage affecting auto as well as electronics manufacturers.
Reuters contributed to this report.