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Automobiles

Toyota to fall short of annual production plan amid chip shortage

Japanese car group unable to make its target of 9.7 million units

Toyota Motor's global production for the fiscal year ending March 2023 will fail to reach its planned 9.7 million units. In the two previous years, it produced 8.18 million and 8.56 million units.   © Reuters

NAGOYA -- Toyota Motor announced on Friday that its global production volume for the fiscal year ending March 2023 will be lower than its planned 9.7 million units due to semiconductor shortages.

The company is now examining the specific number of units it will produce. It produced 8.18 million units in the fiscal year ending March 2021, and 8.56 million units in the fiscal year ending March 2022.

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