- Toyota Motor Corp TM has cut its July global production plan by 50,000 vehicles due to the parts shortage resulting from the spread of COVID-19.
- The company expects the global production volume for July to be approximately 800,000 units (250,000 units in Japan and 550,000 units overseas).
- The auto major has decided to extend the previously announced operations halt in production lines as the COVID-19 outbreak at one of its suppliers raised concern.
- Related: Toyota Stretches Japan Production Cut Citing Chip Shortage
- The global production volume for July through September is estimated to average about 850,000 units per month.
- Toyota said the production plan could be lowered further as the chip shortage might continue.
- Price Action: TM shares closed higher by 3.34% at $159.09 on Tuesday.
- Photo Via Wikimedia Commons
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