Toyota started the current fiscal year targeting 9.3 million vehicles in the 12 months ending March 31. Although, regarding the Chip shortage and the COVID-19 pandemic, the company expects a lower result – not mentioning the new production target.
“As a result of the revision, the full-year production forecast for the fiscal year ending March 31, 2022, is expected to be lower than the previous forecast of 9 million units.”
“Current demand is very strong, therefore we were aiming for a high February production plan. However, due to the impact of the continuing demand for semiconductors across all industries, we have adjusted our production plan,” Toyota said in the statement.
Last month, Toyota Motor Corp said it would suspend production at five domestic factories this month due to supply chain issues, chip shortages and the COVID-19 pandemic.
“With regards to the shortage of semiconductor-related parts, we will continue to examine the situation and consult with all companies involved in considering the use of substitutes where possible in anticipation of a continuing shortage.” – the company added.
The automaker didn’t mentioned the new production target or when it would be disclosed.