- The Japanese automaker, Mitsubishi Motors Corp (OTC: MMTOF) (OTC: MMTOY), will reduce global production by roughly 16,000 cars in May due to the semiconductor chip crisis, Bloomberg reports.
- In March, Mitsubishi aimed to reduce the domestic vehicle output by 4,000 to 5,000 units at its Okazaki and Mizushima plants due to the crisis. The automaker was reviewing its production plans for April at that time.
- Mitsubishi produced 90,745 units globally in January and 88,754 cars in February.
- The semiconductor crisis was intensified by the Texas winter storm and fire at auto-chip maker Renesas Electronics Corp’s (OTC: RNECF) Japanese chip plant and could jeopardize the production of 1.3 million vehicles. Major automakers, including General Motors Co (NYSE: GM) and Ford Motor Co (NYSE: F), have extended production cuts.
- Price action: MMTOF shares closed higher by 0.75% at $2.67 on Thursday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.