Toyota profits fall 21% due to production cuts
Its new forecast of 8.5m vehicles takes into account predicted supply shortages. For instance, Toyota expects to lose around 100,000 units in March. Further cuts are possible, the company said.
The firm has repeatedly reduced production over the past 12 months, the most significant being in September, when shortages led to a 40% cut. Despite this, its sales grew by 10.6% in 2021 and the company retained its position as theToyota said:"We sincerely apologise for the inconvenience caused to our customers due to the series of production volume reductions since last summer. We are working to restore full production as soon as possible.
“Although we continued to challenge ourselves with a high production plan to meet strong demand, we reduced the production volume forecast by 500,000 units as compared to our previous forecast in the fourth quarter, due to the production operation instability we are facing.” The firm also announced earlier this year that customers in its home market of Japan could face a wait as long as four years for deliveries of the newToyota said: “Currently, customers have to wait for a very long time to receive our products. In response to this, we have formulated as robust a production plan as possible for this fiscal year and next.
“However, formulating an outlook remains very difficult due to the spread of the omicron variant and the shortage of semiconductors. We will continue to make supply efforts, and communicate more carefully with our customers, dealers and suppliers.
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