Full year target lowered Toyota halts production at 8 plants

On Oct. 21, Toyota expects to cut its global production target of 9.7 million vehicles for the current fiscal year (April 2022 to March 2023), the first time Toyota has admitted it will not meet the ambitious goal.

A Toyota spokesman blamed the production cut on a shortage of semiconductor chips. The spokesman added that the company is assessing the impact on future production and will announce a revised production target once the outlook becomes clearer.

Some analysts, groups and companies are skeptical about Toyota's prospects of achieving this record production plan.

Toyota said in a statement that it plans to produce about 800,000 vehicles worldwide in November, about 100,000 fewer than the average monthly production plan for September through November announced on Sept. 22. The company also said it will suspend production at some of its 11 production lines at eight Japanese plants next month, affecting production of a variety of models including the Corolla, RAV4 and Yaris.

Toyota has cut its global production target three times in the last fiscal year (April 2021 to March 2022), from 9.3 million units in May 2021 to 8.5 million units in February this year. In the end, Toyota produced about 8.6 million vehicles worldwide last fiscal year.

Translated with www.DeepL.com/Translator (free version)