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Toyota Motors Cut Its Global Production By 150,000 Units Due To Semi Conductor Shortage

TOKYO (B – Trams / Reuters): Toyota Motor Co. on Thursday Cut its global vehicle production target by 150,000 units to 750,000 in April as a semiconductor shortage and the COVID-19 pandemic weigh on the automaker.

Average monthly global production for the period from April to June would be about 800,000 units, Also “Toyota may want to offset last year’s decline caused by the COVID-19 crisis and compensate its employees given rising inflation. The question is whether other companies can afford to follow suit.”

Japan’s biggest business lobby, Keidanren, has urged companies to raise wages, following Kishida’s call for uniform pay hikes of 3% or more by profitable firms.

Rengo, Japan’s largest labour confederation, has demanded 4% wage hikes, including a 2% rise in base pay.

Toyota has remained upbeat about its full-year profit prospects as tight car supplies caused by a global chip shortage allowed Japan’s biggest automaker to charge its customers more.