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Toyota yearly production target hit by chip shortage

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The world’s top-selling carmaker Toyota said Tuesday it no longer expects to meet its annual production target with operations hampered by the global chip crunch.

A worldwide shortage of microchips — essential components of modern cars — has forced many automakers including Toyota to slow or temporarily halt production.In September, the Japanese giant lowered the number of vehicles it hopes to make in the year to March 2022 to nine million, down from 9.3 million.

But on Tuesday the company said fresh cuts to a planned bumper factory output next month meant it was unlikely to meet its new target.But “due to the impact of the continuing demand for semiconductors across all industries”, the company said it had reduced its global production target for February to around 700,000 units, some 150,000 fewer than before.

“As a result of the revision, the full-year production forecast for the fiscal year… is expected to be lower than the previous forecast of nine million units,” it said.

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