The wheels are coming off Toyota’s so-far smooth ride through the global chip crisis, with the world’s largest carmaker announcing on Thursday it would slash global production by 40 per cent next month.
The Japanese company reported a record quarterly profit only two weeks ago as it took advantage of US rivals’ component shortages. Toyota was able to dip into a semiconductor stockpile it had built up, helped by the proximity of local chip producer Renesas
But now a combination of the chip shortage and Covid-19 hitting production for component suppliers in Vietnam and Malaysia has forced it to cut planned September production of 900,000 vehicles to 540,000.
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