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Benzinga
Benzinga
Business
Shivani Kumaresan

Toyota Cuts Production Plan For June Again

Toyota TM NYSE Toyota Motor Corp Wikimedia Commons Shanghai Supply chain
  • Toyota Motor Corp (NYSE:TM) has cut its June global production plan for the second time in a week due to the COVID-19 lockdown in Shanghai.
  • The auto major cut production by 50,000 vehicles and now anticipates producing about 800,000 units in June.
  • It has decided to suspend domestic factory line operations for the week of June 6, on top of the suspension announced earlier.
  • The company now sees an average global production plan from June through August to 850,000 units per month and 9.7 million units for the full period of Fiscal Year 2023. 
  • Toyota has warned that the production may also be lower than cited due to the volatile supply chain situation.
  • Price Action: TM shares closed higher by 2.79% at $165.53 on Thursday.
  • Photo Via Wikimedia Commons
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