Toyota cuts output target on lack of parts, chips

Toyota is cutting its production target for the year, and the problem goes beyond the global shortage of computer chips.

The world's biggest carmaker has cut 300,000 vehicles off its annual output goal.

It now expects to make around 9 million over the 12 months to the end of March.

Though it hasn't changed its operating profit forecast for the year.

Toyota had managed to limit the impact of the chip shortage thanks to earlier stockpiling.

The firm hardened its supply chain against disruption following Japan's devastating earthquake in 2011.

But the new cut proves it's far from immune to the semiconductor crisis.

And other parts are running short too.

Key suppliers in Vietnam and Malaysia have had to slow output amid renewed health worries.

That's a problem for Toyota, which is heavily dependent on the region for components.

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