Toyota cuts October production target by 6.3%

TOKYO—Toyota Motor Corporation on Friday lowered its October production target by 6.3% to about 750,000 vehicles due to a semiconductor shortage.

The announcement comes about a week after the world’s largest automaker by revenue announced a global production target of about 800,000 vehicles next month, with chip shortages expected to continue until March 31 through the second half of the fiscal year. There are growing concerns that it will continue to hinder the production of

However, the Japanese automaker said on Friday that its production target of 9.7 million vehicles for the current fiscal year remains unchanged.

The company also said it would suspend production on some production lines in Japan for up to 10 days.

Toyota said Thursday that global vehicle production rose 44.3% year-on-year in August as the sector recovered from the COVID-19 pandemic and increased production capacity. This is the first increase since March.

However, the outlook remains uncertain due to a global chip shortage and the ongoing COVID-19 outbreak.

Toyota rival Honda Motor Co. said last week that it would cut vehicle production by up to 40% at its two Japanese plants in early October due to continuing supply chain and logistics problems.

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