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August 19, 2021 09:00 pm

Toyota To Cut Global Production By 40% Due To Global Microchip Shortage

Toyota is to slash worldwide vehicle production by 40% in September because of the global microchip shortage. The BBC reports: The world's biggest carmaker had planned to make almost 900,000 cars next month, but has now reduced that to 540,000 vehicles. Volkswagen, the world's second-biggest car producer, has warned it may also be forced to cut output further. Toyota's other rivals, including General Motors, Ford, Nissan, Daimler, BMW and Renault, have already scaled back production in the face of the global chip shortage. Until now, Toyota had managed to avoid doing the same, with the exception of extending summer shutdowns by a week in France the Czech Republic and Turkey. New cars often include dozens of microchips but Toyota benefited from having built a larger stockpile of chips - also called semiconductors - as part of a revamp to its business continuity plan, developed in the wake of the Fukushima earthquake and tsunami a decade ago. The decision to reduce output now has been precipitated by the resurgence of coronavirus cases across Asia hitting supplies. The company will make some cuts in August at its plants in Japan and elsewhere. The bulk of the cuts -- 360,000 -- will come in September and affect factories in Asia and the US. The aim for Toyota as a whole is to make up for any lost volume by the end of 2021.

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