Toyota Expects to Cut Full-Year Output Target Due to Chip Shortage
TOKYO—Toyota Motor Corp. said on Friday its annual vehicle production was likely to come in below its initial target, as a persistent global semiconductor shortage hampers efforts by the world’s biggest car maker by sales to boost output.
The Japanese company has been under scrutiny over whether it can stick to its annual production target of a record 9.7 million vehicles after it missed interim goals in the first four months of the fiscal year that began in April.
Production rebounded in August, but output in October and November is expected to be around 750,000 and 800,000 units respectively, below the average 900,000 monthly production plan for September through November it projected late last month….