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Toyota revises down July global production plan

Toyota Motor Corp (7203) on Wednesday revised down its global production plan for July by 50,000 vehicles, as chip crunch and pandemic-related parts supply disruptions continued to weigh on output.

“As it remains difficult to look ahead due to the shortage of semiconductors and the spread of COVID-19, there is a possibility that the production plan may be lower,” the company said in a statement.

It now expects to produce 800,000 vehicles in July.

The Japanese auto maker has not yet changed its annual global production target of 9.7 million vehicles. Yet, in May, it signaled that supply chain disruptions could eventually force it to cut that figure.

The shares of Toyota Motor Corp closed lower for the sixth time in the past ten trading sessions in Tokyo on Thursday. The stock went down 1.37% (JPY 29.5) to JPY 2,126.5, after touching an intraday low at JPY 2,116.0. The latter has been a price level not seen since June 21st (JPY 2,107.0).

The shares of Toyota Motor Corp have risen 1.00% so far in 2022, following another 32.30% gain in 2021.

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