Toyota cuts FY22 global production target to 9.0M cars from 9.3M cars

The company states: "Due to a shortage of certain parts caused by the spread of COVID-19 in Southeast Asia, Toyota is making further adjustments to our production operations for September, and is reviewing our production plans for October. As for September, it is in addition to the adjustment of production operations announced on Aug. 19. The global production volume affected by these adjustments will be approximately 70,000 units for September and 330,000 units for October, compared to the production plan as of August. Regarding the full-year production forecast for the fiscal year ending March 31, 2022, we are adjusting the expected volume to 9M units due to the impact of the production cut, down from the 9.3M units forecast. Although the outlook for November and beyond is unclear, current demand remains very strong. As a result, the production plan for November and beyond assumes that the previous plan will be maintained. Key reasons for the production adjustment include a decline in operations at several local suppliers due to the prolonged spread of COVID-19 in Southeast Asia and the impact of tighter semiconductor supplies. Although our plants and suppliers are taking thorough quarantine and vaccination measures in response to the pandemic in Southeast Asia, the spread of COVID-19 infections remains unpredictable, making it difficult to maintain operations due to lockdowns at various locations, and we are working to transfer production to other regions. Regarding full-year operating income, there is no change to the forecast of 2.5 trillion yen announced in our FY2022 First Quarter Financial Results summary in August."