Aug 19, 2021

Chip shortage: Toyota to cut global production by 40%

Toyota is to slash worldwide vehicle production by 40% in September because of the global microchip shortage. On Thursday, German firm Volkswagen, which cut output earlier in the year, told Reuters: "We currently expect supply of chips in the third quarter to be very volatile and tight."We can't rule out further changes to production. Toyota has fared better than rivals in the face of the global chip shortage. A resurgence of coronavirus cases across Asia has worsened the semiconductor shortage, affecting a wide range of businesses from car makers to small appliance manufacturers. Last month, the boss of chipmaker Intel, Pat Gelsinger, said the worst of the global chip crisis was yet to come.

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