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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Nissan, Honda delay restart of some China plants due to coronavirus

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02/21/2020 | 04:17am EDT
89th Geneva International Motor Show in Geneva

Japanese automakers delayed on Friday the restart of plants in China near the epicentre of a coronavirus outbreak, complying with authorities' directives, but raising the risk of further supply disruptions that could hit global car production.

Nissan Motor Co said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighbouring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date.

Honda Motor Co said operations at its plants in Wuhan, Hubei's provincial capital in which the outbreak began, would remain suspended until March 11.

Toyota Motor Corp said it would resume production on Monday at its plant in Chengdu in the southwestern province of Sichuan, returning all four of its China assembly plants to operation from next week, but output would be limited at some. [L4N2AL29L]

In an email, Nissan said its delay was due to a directive by government authorities in Hubei asking firms to keep operations shut through March 10. Output issues at suppliers were also affecting vehicle production, it said.

The virus, which has killed more than 2,200 in mainland China, has wreaked havoc on the global automotive supply chain, stalling production at plants there and leaving automakers scrambling to source the roughly 30,000 parts each car needs.

"Wuhan is a city which produces virtually every type of component used in vehicles," said Takeshi Miyao, managing director of consultancy Carnorama.

"So not only are vehicle assembly plants in the city unable to source parts, vehicle plants all over the world which source parts from Wuhan are being affected."

He added that, where possible, automakers were securing parts from suppliers' plants elsewhere.

Some automakers were taking more direct approaches to procurement. This week, Jaguar Land Rover (JLR) said it had flown Chinese parts in suitcases to Britain to maintain production, and could run out of components in two weeks.

China's manufacturing sector is struggling to restart after an extended Lunar New Year break, hindered by travel and quarantine curbs across the country.

The suspension of output at Nissan's two plants, which make the X-Trail SUV crossover and the Altima sedan in a joint venture with China's Dongfeng Motor, comes as the automaker struggles to recover profitability after the arrest of its former chairman, Carlos Ghosn, in 2018.

Nissan has also cut output at some Japan plants over issues with procuring components, but said there had been no impact on other global plants.

By Naomi Tajitsu

Stocks mentioned in the article
ChangeLast1st jan.
DONGFENG MOTOR GROUP COMPANY LIMITED 1.79% 5.11 End-of-day quote.-0.78%
HONDA MOTOR CO., LTD. -4.37% 2430 End-of-day quote.-4.61%
NISSAN MOTOR CO., LTD. -7.35% 356.6 End-of-day quote.-6.16%
RENAULT -3.07% 15.812 Real-time Quote.-61.33%
TOYOTA INDUSTRIES CORPORATION -3.54% 5180 End-of-day quote.-3.90%
TOYOTA MOTOR CORPORATION -4.35% 6501 End-of-day quote.-4.06%
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Financials (JPY)
Sales 2020 29 881 B
EBIT 2020 2 528 B
Net income 2020 2 267 B
Debt 2020 15 501 B
Yield 2020 3,64%
P/E ratio 2020 7,94x
P/E ratio 2021 8,32x
EV / Sales2020 1,10x
EV / Sales2021 1,12x
Capitalization 17 478 B
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Technical analysis trends TOYOTA MOTOR CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 8 144,44  JPY
Last Close Price 6 287,00  JPY
Spread / Highest target 54,3%
Spread / Average Target 29,5%
Spread / Lowest Target -2,97%
EPS Revisions
Managers
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Koji Kobayashi CFO, Director, Chief Risk Officer & Executive VP
Shigeki Terashi Director, Chief Technology Officer & Executive VP
Seiji Sakai Manager-Information Systems & IT Management
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BMW AG-38.66%33 622
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GENERAL MOTORS COMPANY-50.30%29 695