Toyota cuts output forecast on Covid-19 spread in southeast Asia

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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.





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