Toyota cutting production in February due to semiconductor shortage
Toyota will miss 9 million target for the fiscal year
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Toyota is trimming production again.
Toyota will cut production to 700,000 in February, 150,000 less than expected. (Dhiraj Singh/Bloomberg via Getty Images)
The world's largest automaker and top seller in the U.S. in 2021 said it is lowering its planned February output by 150,000 vehicles globally to 700,000 due to the ongoing semiconductor shortage affecting the automotive industry.
Toyota is currently the world's largest automaker by volume. (AP)
Toyota has had more success than many other manufacturers in navigating the supply chain issues and told FOX Business it still expects to build 800,000 vehicles in January, its best-ever performance for the month, but that the plans remain flexible.
Toyota was the bestselling automaker in the U.S. in 2021. (Artur Widak/NurPhoto via Getty Images)
The company told Automotive News that its North American production in February would be reduced by 25,000 to 35,000 vehicles.
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Toyota said the updates mean it is unlikely to reach its previously announced production forecast of nine million vehicles for the fiscal year that ends on March 31.