Toyota Motor [NYSE: TM] Reduce Planned Global Vehicle Production Output in November

Toyota Motor Corporation [NYSE: TM] disclosed that it will reduce scheduled global output in November by as much as 15% because the COVID-19 pandemic has decelerated the production of auto chips. Japan’s auto manufacture disclosed that it would manufacture between 100,000 and 150,000 vehicles fewer than it had initially decided.

Toyota has reduced its full-year production plan for the year to March 31 to 9 million from 9.3 million because of lower output in September and October. The firm disclosed on Friday that it is sticking to that target. Shares of Toyota Motor went down 0.15% during the trading session of Thursday. The firm has recorded a market capitalization of $279.33 at the time of writing.

Previously, Nippon Steel Corp accused Toyota Motor Corp (NYSE: TM) and Baoshan Iron & Steel Co of violating patents for a steel material in electric motors. Toyota denied the accusation and disclosed that Nippon Steel and Baoshan should have resolved the matter between themselves.