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After holding strong for months, Toyota now expects to miss its global production target as the automaker capitulates to the double whammy of parts shortages and the pandemic.
Toyota said it expects global production to come in under the 9 million-vehicle target for its fiscal year to March 31 that the company had been clinging to since last autumn. It's the second time this fiscal year that Toyota has dialed down its companywide production figure.
In a statement on Tuesday, Toyota said the semiconductor shortage would force it to reduce worldwide output by 150,000 units in February to about 700,000 vehicles. Toyota put the blame for the February downturn on the ongoing microchip crisis.
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Light truck inventories?Car inventories have increased for 3 consecutive months.
U.S. Light-Vehicle Inventory in July Records First Year-Over-Year Increase Since 2019
<p style="margin-top: 6pt;"><span>Although inventory declined from the prior month in July, U.S. light-vehicle sales in August are expected to improve on July’s 13.4 million-unit seasonally adjusted annual rate and post a third consecutive month-to-month increase.</span></p> <br class="t-last-br" />wardsintelligence.informa.com