Toyota slashes annual production target on chips, auto parts shortage

Toyota Motor Corp, the worlds biggest automaker by sales volume, cut its annual production target on Friday by 300,000 vehicles because of a global shortage of chips and supplies of auto parts from factories in Southeast Asia.

The Japanese car maker now expects to build 9 million vehicles in the year to March 31, it said in a press release. The Southeast Asia factories have been affected by the COVID-19 pandemic, it said.