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Toyota Cutting Production by 40%

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Toyota announced that it plans to cut its worldwide vehicle production by 40% in September.

Toyota Motor Corp. announced that it plans to cut its worldwide vehicle production by 40% in September because of the global microchip shortage.

The world's biggest carmaker had planned to make almost 900,000 cars next month but has now reduced that to 540,000.

The COVID-19 pandemic boosted demand for appliances that use chips, such as phones, televisions and games consoles.

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