The company has also reduced its global production target for May to 700,000 from the previous 750,000. The company refused to provide a yearly estimate for its lost production figures.
Toyota is one of the few automakers to slash production targets due to China’s COVID-19 lockdown. Tesla, SAIC, FAW Group, and Dong Feng Corp are other major carmakers that have halted production.
Earlier this year, Toyota had to cease production at 18 lines in Japan after a massive earthquake ravaged the country. The shutdown resulted in a loss of 20,000 units in output. During that time, chip shortage had also trimmed Toyota’s global production target.
However, despite that, Toyota witnessed a steady rise in global production in 2022. The company recorded all-time-high production of 866,775 units in March 2022, as its strong demand in other countries helped offset its production slump in its home country.
Originally published at propakistani.pk
