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IPFS News Link • Manufacturing-U.S.A

World's Largest Automaker Misses April Global Production, Slashes Estimates For June

• Zero Hedge

The world's top automaker reported a decline in global production in April. It slashed June production expectations, indicating semiconductor chip shortage and supply chain disruptions in China due to factory shutdowns weighed on production. 

Toyota reported Monday that April sales were 692,259, which fell 9.1% from the same month last year, missing the mark of a planned 750,000 vehicles worldwide, according to Reuters

Last week, the automaker slashed its June production twice. In total, the company has now cut 150,000 vehicles to 800,000. 

Toyota expects to produce 9.7 million vehicles worldwide for the entire year, though it could lower estimates later this summer. 

The weak figures come as Japan's factory output tumbled last month as China's zero COVID policies hampered manufacturing and dampened prospects for growth in the world's third-largest economy.