Toyota Cutting Production by 40%

Aug. 19, 2021

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.