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Toyota misses April global production target due to COVID, parts shortage

Toyota misses April global production target due to COVID, parts shortage
© Reuters. FILE PHOTO: Employees of Toyota Motor Corp. work on the assembly line of Mirai fuel cell vehicle (FCV) at the company’s Motomachi plant in Toyota, Aichi prefecture, Japan May 17, 2018. REUTERS/Issei Kato

TOKYO (Reuters) -Japan’s Toyota Motor (NYSE:TM) Corp on Monday said it missed its global production target for April as COVID-19 outbreaks and a parts shortage slowed its post-pandemic recovery.

The world’s largest automaker by sales produced 692,259 vehicles last month, a 9.1% drop from the same month last year, and falling short of an earlier plan of making about 750,000 vehicles worldwide.

The numbers raise questions over the severity of the pandemic-hit supply chains and how the disruption will affect production in the coming months.

Toyota last week downgraded its global production plan for June to around 800,000 vehicles due to the impact of COVID-19 containment measures in China and signalled the possibility of lowering its full-year output plan of 9.7 million vehicles.

The automaker on Monday also said global sales dropped 11.1% in April versus the same month a year earlier to 763,708 vehicles. Domestic sales, excluding sales of units Daihatsu and Hino Motors Ltd, tumbled almost 17% to 103,143 vehicles.

Source: Investing.com

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