Toyota Motor (NYSE: TM) Corp cut its global production plan for June for the second time this week, this time by around 50,000 vehicles, to 800,000, citing the COVID-19 lockout in Shanghai.
There is a “possibility” that the world’s largest automaker may build fewer than 9.7 million vehicles in the current fiscal year, according to the largest automaker in Japan.
The business said that it will cease operations at many domestic facilities during the week of June 6.
Toyota’s revised forecast – generally seen as a barometer for Japan Inc. – is the latest indication that China’s pandemic shutdown has increased uncertainty for automakers and other manufacturers already contending with a microprocessor scarcity.
On Tuesday, Toyota reduced its production plan for June by around 100,000 vehicles, to approximately 850,000, blaming a lack of semiconductors. With Friday’s revelation, the business has already reduced its June projections by 150,000 automobiles.
