Toyota will produce about 700,000 vehicles worldwide in February, about 150,000 less than its previous plan. The reason for the reduction in production volumes is the ongoing crisis in the supply of semiconductor components.
Taking into account the updated production plan, the company stated that it would not be able to finish the current fiscal year, ending in March 2022, with a result of 9 million vehicles.
“Current demand is very high, so we were aiming for a high production target for February. However, due to continued demand for semiconductors across all industries, we have adjusted our production plan,” Toyota said in a statement.
In Japan alone, production pauses of varying lengths are planned at 8 plants producing local as well as global Toyota and Lexus models. Toyota Motor North America also said it would not produce 25,000 to 35,000 vehicles in February.
Automakers around the world have been hit by semiconductor shortages since late 2020. The crisis was triggered by several factors: breaks in supply chains due to the pandemic, fires at the largest microchip factories, growing demand for consumer electronics, and the trade war between the United States and China.
However, Toyota has a lot to brag about in the past year. In the United States, the Japanese company outsold General Motors, which had held first place since 1931. GM sold 2.218 million vehicles (-13% by 2020), and Toyota sold 2.332 million (+10%).
Source: Automotive News