Toyota Stretches Japan Production Cut Citing Chip Shortage

• Toyota Motor Corp (NYSE:TM) plans an additional domestic factory line production suspension in June and July.
• The auto major took the decision citing an auto parts shortage resulting from the spread of COVID-19.
• The number of units affected by the suspensions will be about 40,000, bringing down the global production plan for June to 750,000 units from the previous 800,000 units.
• Related: Toyota Cuts Production Plan For June Again
• However, the production outlook for the fiscal year 2022 remained unchanged at about 9.7 million units.
• The company plans to announce the global production plan for July later.
• Price Action: TM shares are trading lower by 1.10% at $155.02 on the last check Thursday.
• Photo Via Wikimedia Commons