Toyota cuts FY 2021 global output outlook by 300,000 units amid COVID

Toyota Motor Corp. on Friday slashed its global production outlook for the current fiscal year through March by about 300,000 units from its initial plan to around 9 million vehicles due to the spread of COVID-19 and a semiconductor crunch.Toyota has been forced to curb output as it has faced difficulties in securing parts as the pandemic has affected suppliers in Southeast Asia, a manufacturing hub for the Japanese auto industry, adding to the chip woes already hitting automakers hard.In September, Toyota is expected to manufacture around 470,000 units, down from the earlier planned 540,00…READ FULL ARTICLE