TOKYO – Toyota Motor (NYSE: TM) has downgraded its global vehicle production plan for 2024 by about 5% due to output suspension at domestic factories, Chubu Keizai newspaper reported on Thursday.
The Japanese automaker has told major suppliers its worldwide vehicle production is expected to be 9.8 million units, versus 10.3 million expected previously, the newspaper reported without citing sources.
This is the first time Toyota’s global car production for a calendar year is seen undershooting the previous year’s level in four years, the newspaper reported.
(Source: Reuters)
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
