Toyota cutting production in February due to semiconductor shortage
Toyota will miss 9 million target for the fiscal year
Toyota is trimming production again.
The world's largest automaker and top seller in the U.S. in 2021 said it is lowering its planned February output by 150,000 vehicles globally to 700,000 due to the ongoing semiconductor shortage affecting the automotive industry.
Toyota has had more success than many other manufacturers in navigating the supply chain issues and told FOX Business it still expects to build 800,000 vehicles in January, its best-ever performance for the month, but that the plans remain flexible.
The company told Automotive News that its North American production in February would be reduced by 25,000 to 35,000 vehicles.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Toyota said the updates mean it is unlikely to reach its previously announced production forecast of nine million vehicles for the fiscal year that ends on March 31.