Toyota cuts output forecast on Covid-19 spread in southeast Asia – Times of India
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NEW DELHI: Toyota Motor Corp trimmed its production outlook to 9 million units from 9.3 million units for the fiscal year through March, blaming the spread of the coronavirus in Southeast Asia.
The world’s No. 1 automaker is adjusting production operations for September and reviewing plans for October, but said in a statement that it is sticking to its forecast for operating profit of 2.5 trillion yen ($22.7 billion) for the fiscal year.
“Key reasons for the production adjustment include a decline in operations at several local suppliers due to the prolonged spread of Covid-19 in Southeast Asia and the impact of tighter semiconductor supplies,” Toyota said in the statement.
“Although the outlook for November and beyond is unclear, current demand remains very strong,” it added.
The world’s No. 1 automaker is adjusting production operations for September and reviewing plans for October, but said in a statement that it is sticking to its forecast for operating profit of 2.5 trillion yen ($22.7 billion) for the fiscal year.
“Key reasons for the production adjustment include a decline in operations at several local suppliers due to the prolonged spread of Covid-19 in Southeast Asia and the impact of tighter semiconductor supplies,” Toyota said in the statement.
“Although the outlook for November and beyond is unclear, current demand remains very strong,” it added.
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