Toyota Motor Corp. said it is unlikely to reach its goal of manufacturing 9 million cars this fiscal year through March due to persistent chip shortages.

The world’s No. 1 automaker is paring back production to 700,000 units in February, around 150,000 units lower than its original goal for the month, according to a statement Tuesday, which cited a semiconductor crunch due to continued demand across industries. Toyota didn’t set a new annual target, saying only that final output is expected to be lower than previously forecast.

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