Toyota’s July Global Vehicle Output Drops Again, Puts Annual Target in Doubt
Toyota Motor Corp. said on Tuesday its July global vehicle production had fallen 8.6 percent year-on-year, missing its target for the fourth straight month, as COVID outbreaks, severe weather and a recall probe on top of a persistent chip shortage hurt output.
The sustained weakness in overall performance in July from the world’s largest automaker by sales has raised concerns that Toyota may have to lower its annual production target of 9.7 million vehicles, even as China dials back pandemic restrictions and chip shortages are showing some signs of easing.
Toyota produced 706,547 vehicles worldwide last month, below its target of around 800,000 units and the year-earlier output of 773,135….