Toyota had been aiming for a high February production plan to meet strong demand.
A major earthquake in Japan threatens to exacerbate the ongoing global microchip shortage as the total number of vehicles removed from production plans this year surpassed 1 million.
The number of vehicles cut from automakers’ production plans this year because of the chip shortage surged 42 percent from a previous estimate, according to AutoForecast Solutions.
Another 75,300 vehicles were eliminated from schedules because of the semiconductor shortage, mostly at North American factories.
The tally of vehicle production cuts due to microchip shortages just rose by nearly half a million.
More than 100,000 vehicles were cut from North American production schedules because of the global microchip shortage last week, according to the latest AutoForecast Solutions report.
Automakers are still shaving back production plans due to semiconductor shortages, but the worst-case scenario for North America just got a tiny bit better.
For 2022, the IHS Markit light-vehicle production forecast was cut by 9.3 percent, or about 8.4 million vehicles.
North American factories took another 26,000 vehicles out of their production schedules last week, significantly more than companies were cutting at the beginning of the month.
Keeping the flow of new Toyotas and Lexuses coming to U.S. dealers amid dozens of simultaneous threats falls to two executives who manage it all the Toyota way.
Toyota and Lexus dealers, who have been getting by for months with some of the leanest inventories in history, will see that trickle of vehicles dry up further.
The industry is settling into the new year acknowledging that it's not out of the woods yet on chip shortage disruptions.
The year started off with a minor supply chain irritation that has now blown up into an industry crisis.