Toyota cut its December production target to 750000 vehicles because of persistent spare parts supply problems

On November 23, according to foreign media reports, Toyota reduced its global production target for December to 750000 vehicles (250000 in Japan and 500000 overseas) because of persistent problems in the supply of spare parts.

The company said it planned to produce 9.2 million vehicles for the whole of fiscal 2023, down from 9.7 million originally planned, given future risks such as semiconductor shortages.

In addition, the company said it would suspend operations on four production lines at three Japanese plants for part of December.

Earlier, in October, Toyota said it expected global production of about 800000 vehicles in November (about 250000 in Japan and 550000 overseas) because of semiconductor shortages. In fiscal year 2023, the company's production is expected to be lower than the previous forecast of 9.7 million vehicles.

Toyota has long seen hybrid technology as the best way forward and has invested heavily in hydrogen technology, leaving the company lagging behind in its transition to electric vehicles.

Last year, Toyota unveiled its electric car plan. In late October, sources revealed that the company was considering restarting its electric vehicle strategy to better compete in a booming market.