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Toyota Hits By Chip Shortage, Misses Annual Production Target

Toyota has said that it expects to see fewer cars roll off its production lines in the 2021 and 2022 business year due to semiconductor supply issues.

Toyota is likely to miss its forecast of 9 million vehicles manufactured worldwide by the end March 31, the company said in Tokyo.

For the time being, the company did not name a new production target for the fiscal year.

Toyota said that production was set to start slowing down as soon as February, owing to the pressure COVID-19-related disruptions was putting on supply chains.

Operations will be suspended in 11 lines in eight plants, out of 28 lines in 14 plants.

The company now expects to produce 700,000 vehicles globally in February, 150,000 fewer than planned.

The Japanese carmaker has made repeated adjustments to its production plans following the shortages of parts, a problem that has also plagued other vehicle makers.

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