Toyota Cuts Production Forecast by 300,000 Cars on Covid Hit
- Automaker keeps operating profit forecast of 2.5 trillion yen
- Toyota had warned of output cuts in August due to shortages
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Toyota Motor Corp. trimmed its production outlook for this year by about 3% because the spread of the coronavirus in Southeast Asia has disrupted access to semiconductors and other key parts.
The world’s No. 1 automaker, which is adjusting output in September and October, now expects to produce 9 million vehicles in the fiscal year through March, down from 9.3 million previously forecast. The company is sticking to its forecast for operating profit of 2.5 trillion yen ($22.7 billion) this year, factoring in the potential to reduce costs.