Toyota Motor Corp. trimmed its production outlook by about 3% to 9 million units from 9.3 million for the fiscal year through March, blaming the spread of the coronavirus in Southeast Asia.
The world’s No. 1 automaker is adjusting production in September and reviewing plans for October, while sticking to its forecast for operating profit of ¥2.5 trillion ($22.7 billion) for the fiscal year.
Toyota warned last month of cuts due to the semiconductor and parts shortages as manufacturers were hit by COVID-19. Still, the move shows how even Toyota, having weathered the shortages well compared with peers, is vulnerable to the same constraints hurting the industry.