Toyota Motor Corporation said on Friday (Sept. 30) that due to a lack of microchips, its production target was lowered in October by about 50,000 to about 750,000 vehicles.
Earlier, the world’s largest automaker released a production target of about 800,000 vehicles globally for the next month, but a chip shortage would stymie production in the second half of the financial year, which deepened concerns for the company.
The company also said its 9.7 million vehicle production target for the current fiscal year has not changed.
The company said that It will pause some production in Japan for up to 10 days due to chip shortage.
Toyota Motors’ global vehicle output increased by 44.3% year on year in August, the first such increase since March’s recovery from the pandemic and the global chip shortage.
