It’s reported that Toyota has told some of its suppliers that it has lowered its production targets for the fiscal year ending March 2023, following ongoing issues with chip shortages and factory lockdowns.
Reuters reports that the company has reduced its production target for the year to 9.5 million units, although the word came from a private source and not Toyota themselves.
Toyota had previously expressed hopes to produce 9.7 million units over the course of the fiscal year.
The brand was resilient with this figure in spite of several months of production shortfalls. These included falling 150,000 units short of target in August.
The brand has had to shut down numerous factories and production lines this year due to shutdowns prompted by COVID-19 outbreaks and extreme weather.
The revised figure still represents a year-on-year rise for the marque, having produced some 10% less vehicles the previous year. But that target could be further reduced before the year is out.
The production issues are likely to cause additional strain on the brand’s global delivery delays.
Toyota Australia has acknowledged the ongoing supply issue on its website and advises customers to contact their nearest dealer regarding the availability and delivery time of new models.
