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TOYOTA MOTOR CORPORATION

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Delayed Japan Exchange  -  05/18 02:00:00 am EDT
2044.00 JPY   +0.54%
07:01aToyota to suspend day shift in one Japanese factory due to water supply
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04:04aCentral Japan water leak affects plants near Toyota hub
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Toyota expects annual production target shortfall as chip shortage drags on

01/18/2022 | 04:56am EDT
FILE PHOTO: The logo of automaker Toyota is seen on a car in France

TOKYO, Jan 18 (Reuters) - Toyota said on Tuesday it expects to miss its annual 9 million vehicle production target because competition for semiconductors meant it didn't have enough to ramp up car output to offset production lost during the pandemic last year.

"Hitting the 9 million mark is going to be extremely difficult," Kazunari Kamakura, an executive at the world's biggest car maker, said during an online briefing. Toyota, he added, could not predict how long the chip shortage would last.

Toyota and other automakers have been forced to curb production even as demand in key markets such as China has rebounded. In addition to tackling chip shortages caused by COVID-19 supply-chain disruptions, car makers also have had to contend with soaring semiconductor demand at consumer electronic companies.

The surge in Omicron infections did not factor into the latest production outlook, but it is, nonetheless, a concern for Toyota, Kamakura said. Toyota's business year runs from April to March.

COVID-19 lockdown restrictions last year disrupted supplies of components from plants in Southeast Asia.

The maker of the Corolla compact sedan said it will build 700,000 cars globally in February, more than last year, but 150,000 fewer than it had initially planned.

To reach its annual 9 million production target, set in September, Toyota would have to build 1 million vehicles in March.

In North America, Toyota forecasts a reduction of about 25,000 to 30,000 vehicles in February. (Reporting by Tim Kelly; Editing by Kirsten Donovan, Muralikumar Anantharaman and Louise Heavens)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
TOYOTA INDUSTRIES CORPORATION 2.59% 8310 Delayed Quote.-11.86%
TOYOTA MOTOR CORPORATION 0.54% 2044 Delayed Quote.-3.44%
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Financials
Sales 2023 34 159 B 264 B 264 B
Net income 2023 2 948 B 22 790 M 22 790 M
Net Debt 2023 18 560 B 143 B 143 B
P/E ratio 2023 9,63x
Yield 2023 2,76%
Capitalization 27 922 B 216 B 216 B
EV / Sales 2023 1,36x
EV / Sales 2024 1,26x
Nbr of Employees 372 817
Free-Float 70,5%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 2 033,00 JPY
Average target price 2 424,44 JPY
Spread / Average Target 19,3%
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Managers and Directors
Akio Toyoda Director & General Manager-Asia
Kenta Kon Chief Financial Officer, Director & GM-Accounting
Takeshi Uchiyamada Director & Manager-Development Center 2
Keiji Yamamoto Chief Information & Security Officer
Seiji Sakai Manager-Information Systems & IT Management
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