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    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Eight U.S. auto state governors urge Biden to press semiconductor firms on chip shortage

02/26/2021 | 02:37pm EDT

WASHINGTON, Feb 26 (Reuters) - A bipartisan group of eight governors from U.S. auto states on Friday urged Democratic U.S. President Joe Biden to do more to press semiconductor firms to address a global shortage of automotive chips that has cut some vehicle production.

The governors of Michigan, Indiana, Ohio, Kentucky, Kansas, South Carolina, Alabama and Missouri asked Biden in a letter to join foreign governments in urging semiconductor and wafer companies to expand production and "temporarily reallocate a modest portion of their current production to auto-grade wafer production."

Michigan Governor Gretchen Whitmer, a Democrat who led the effort to get other governors to sign, said she was urging Biden "to do everything in his power and to leave no stone unturned to protect auto jobs throughout the supply chain at risk because of this shortage."

The White House did not immediately comment, but auto executives met on Wednesday with White House officials and discussed the issue. Lawmakers have also urged the White House to pressure chip manufacturers to boost auto chip supply.

Biden said on Wednesday he would seek $37 billion in funding for legislation to supercharge U.S. chip manufacturing and signed an executive order aimed at addressing the global semiconductor chip shortage.

Automakers hit by the shortage include General Motors Co , Ford Motor Co, Volkswagen AG, Toyota Motor Corp, Nissan Motor Co, Stellantis and Subaru Corp.

Ford said a lack of chips could cut production by up to 20% in the first quarter and lower the company's adjusted earnings by $1 billion to $2.5 billion.

GM said the shortage could shave up to $2 billion from 2021 profit as it has been forced to cut output at factories in the United States, Canada, Brazil and Mexico.

A shortage of auto semiconductor chips could impact nearly 1 million units of global light vehicle production in the first quarter, data firm IHS Markit said. (Reporting by David Shepardson in Washington Editing by Chizu Nomiyama and Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NISSAN MOTOR CO., LTD. -0.89% 571 End-of-day quote.1.96%
STELLANTIS N.V. -3.08% 14.792 Delayed Quote.4.11%
SUBARU CORPORATION -0.21% 2150.5 End-of-day quote.4.27%
TOYOTA MOTOR CORPORATION -0.09% 8522 End-of-day quote.7.10%
VOLKSWAGEN AG -2.00% 240.15 Delayed Quote.57.56%
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Financials
Sales 2021 27 183 B 251 B 251 B
Net income 2021 2 199 B 20 330 M 20 330 M
Net Debt 2021 14 173 B 131 B 131 B
P/E ratio 2021 10,8x
Yield 2021 2,64%
Capitalization 23 827 B 220 B 220 B
EV / Sales 2021 1,40x
EV / Sales 2022 1,16x
Nbr of Employees 359 542
Free-Float 62,2%
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Technical analysis trends TOYOTA MOTOR CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 9 472,22 JPY
Last Close Price 8 522,00 JPY
Spread / Highest target 29,1%
Spread / Average Target 11,2%
Spread / Lowest Target -10,8%
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Managers and Directors
NameTitle
Akio Toyoda Executive President, CEO & Representative Director
Kenta Kon CFO, Director & Chief Officer-Accounting Group
Takeshi Uchiyamada Chairman
Keiji Yamamoto Chief Information, Security & Software Officer
Seiji Sakai Manager-Information Systems & IT Management
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION7.10%219 147
VOLKSWAGEN AG57.56%165 021
DAIMLER AG31.44%99 179
GENERAL MOTORS COMPANY39.00%84 596
BMW AG21.42%68 522
HONDA MOTOR CO., LTD.16.42%52 769