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Benzinga

Business

Shivani Kumaresan

Toyota Plans 10% Production Cut In May: Nikkei Asia

Nikkei Asia TM NYSE Toyota Motor Corp China

Toyota Motor Corp (NYSE:TM) has informed suppliers that it plans to reduce global production by 10% in May, Nikkei Asia reported.
The report noted the company plans to produce 700,000 vehicles for the month of May. It manufactured 670,000 vehicles last May.
The chip shortages have led the automaker to change its production plan repeatedly.
The global semiconductor shortage amplified by geopolitical tensions and a resurgence in COVID-19 cases in China has corporations worried over their economic activities.
Price Action: TM shares are trading lower by 1.74% at $166.68 on the last check Tuesday.

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