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Toyota downgrades August production by 18% as chip shortage, COVID-19 impact linger

Toyota downgrades August production by 18% as chip shortage, COVID-19 impact linger

The Toyota logo is seen at its booth during a media day for the Auto Shanghai show in Shanghai, China, Apr 19, 2021. (File photo: Reuters/Aly Song)

Toyota Motor on Tuesday (Jul 19) announced its global production for August would be about 18 per cent fewer than its earlier plan as the automaker struggles to shake off impacts of chips shortage and COVID-19 outbreaks.

Toyota is planning to produce about 700,000 vehicles worldwide, comparing with the plan it had told to its suppliers at the beginning of the year at about 850,000 units.

The world's largest automaker by sales, though, maintained its global production forecast for the fiscal year through March 2023 with about 9.7 million units, it said.

Toyota would also suspend nine lines at six domestic factories for between one to 18 days for August, it said.

For the first five months of this year, the automaker exceeded its production goal only once.

Source: Reuters/ng

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