• SHARE

Toyota Motor Corp. shares posted their biggest drop in three weeks after the company slashed its fiscal year production outlook by about 300,000 cars as the spread of COVID-19 in Southeast Asia impacts its ability to procure chips and other essential parts.

The world’s No.1 automaker said Friday it would be adjusting output in September and October and expects to produce 9 million vehicles in the fiscal year through March — down from the 9.3 million it previously anticipated. However, the company didn’t change its ¥2.5 trillion ($22.8 billion) operating profit forecast for the year.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)