Toyota's global production target for May falls short
Toyota's production has fallen short in three consecutive months due to COVID-19 lockdowns in China and semiconductor shortages
Toyota Motor Corp reported Wednesday that it missed its global production target for May.
The automaker's production target had already been downgraded as China's COVID-19 lockdowns and semiconductor shortages continued to impact business.
That makes May the third straight month in which production fell short.
Camry vehicles move through final inspection after coming off the assembly line at the Toyota Motor Corp. manufacturing plant in Georgetown, Kentucky. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
Toyota produced 634,940 vehicles globally last month and fell short of its target of about 700,000.
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That also comes to a 5.3% decline from the same month last year.
The company logo adorns a sign outside a Toyota dealership in Lakewood, Colorado. (AP Photo/David Zalubowski, File / AP Images)
In April, Toyota lowered its May production forecast by 50,000 to 750,000 vehicles due to China's COVID-19 containment measures.
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Domestic production slumped 28.5% in May, but rose 4.6% overseas.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 174.40 | +1.02 | +0.59% |
Toyota hasn't changed its plan to produce a record 9.7 million vehicles this year, but factors like COVID-19 and the semiconductor shortage could still impact that goal.
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For June, the automaker has twice downgraded its global production target. The latest forecast is 750,000 vehicles, roughly 12% below than the original estimate of 850,000.
Reuters contributed to this report.