TOKYO -- Toyota is finally cutting its fiscal-year production forecast, after clinging to it for months, conceding it must trim its plan for November due to the semiconductor crunch.
In abandoning its target, the automaker said it “expects” to lower its worldwide production schedule for the fiscal year ending March 31, though it did not offer a new target.
Toyota had stubbornly clung to its goal of churning out 9.7 million vehicles in the current fiscal year, even as it repeatedly cut monthly plans amid global supply chain upheaval.