According to foreign media reports, Toyota has scaled back its global production target for December to 750,000 units (about 250,000 units in Japan and 500,000 units overseas) due to persistent parts supply problems.
The company said it plans to produce 9.2 million vehicles for the full year of fiscal 2023, down from an initial plan of 9.7 million, given future risks such as semiconductor shortages.
Separately, the company said it would suspend operations of four production lines at three plants in Japan for part of December.
Previously, in October this year, Toyota Motor said that due to the impact of semiconductor shortages, it expected global production in November to be about 800,000 vehicles (about 250,000 in Japan and 550,000 overseas). In fiscal 2023, the company’s production is expected to be lower than its previous forecast of 9.7 million vehicles.
Toyota has long viewed hybrid technology as the best path forward and has invested heavily in hydrogen technology, leaving the company behind in the transition to electric vehicles.
Last year, Toyota unveiled its electric vehicle plans. In late October, sources revealed that the company was considering restarting its EV strategy to better compete in a booming market.