Again, Toyota misses annual target for global vehicle production

A recall probe, severe weather, COVID outbreaks and a persistent chip shortage all contributed to Toyota Motor Corp.'s loss of production in July, its fourth straight month missing its target.

It is being feared that Toyota's annual production target of 9.7 million vehicles may have to be lowered because of sustained weakness in overall performance in July from the world's largest automaker by sales, even as China eases pandemic restrictions and chip shortages ease.

This was a lower output than that of the previous year, when Toyota produced 773,135 vehicles, while its target was around 800,000.

Despite the company's initial plans, production has fallen 10.3 percent in the first four months of the current fiscal year. This year's fiscal year began in April.

As a result of a strong recovery in Europe, China, and elsewhere in Asia, Toyota said domestic production declined 28.2 percent in July, outweighing record overseas production up 4.5 percent.

30 August 2022