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    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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VW's SEAT to extend assembly curbs in Spain into 2022 on chip shortage

09/16/2021 | 05:14am EDT
FILE PHOTO: Workers assemble vehicles on the assembly line of the SEAT car factory in Martorell

MADRID (Reuters) - Volkswagen's Spanish unit SEAT plans to extend partial car assembly suspensions at its plants near Barcelona well into 2022 because of global semiconductor supply bottlenecks, the company said in a statement.

"The deterioration in the supply of semiconductors now requires reorganizing, planning and adopting new labour protocols," SEAT said, adding it had started negotiating a furlough plan with local unions to cancel some working shifts between Sept. 27 and June 30, 2022.

The chip supply disruptions come as demand for the SEAT and CUPRA brands is back at pre-pandemic levels, Xavier Ros, the company's vice president for human resources, said.

The company slowed production in the first half of the year, then exceptionally opened the factories in August to offset the shortfall, but was eventually forced to idle part of its operation in late August.

Carmakers around the world have been forced to reduce the pace of production in recent months due to a lack of chips, caused by pandemic-related supply shocks, lockdowns in key production hubs and high demand in the consumer electronics industry.

Automakers from U.S. group General Motors to India's Mahindra, Germany's Daimler and Japan's Toyota have slashed output and sales forecasts due to scarce chip supplies.

Volkswagen said last month it expected the situation to improve by the end of this year and aimed to make up for production shortfalls in the second half as far as possible, but the chips crunch is not abating.

(Reporting by Inti Landauro; Editing by Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 0.73% 82.47 Delayed Quote.41.43%
MAHINDRA AND MAHINDRA LTD -1.02% 887.85 Delayed Quote.24.48%
TOYOTA MOTOR CORPORATION -2.36% 1983.5 End-of-day quote.24.64%
VOLKSWAGEN AG 2.25% 196.26 Delayed Quote.25.84%
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Analyst Recommendations on TOYOTA MOTOR CORPORATION
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Financials
Sales 2022 30 900 B 271 B 271 B
Net income 2022 2 639 B 23 188 M 23 188 M
Net Debt 2022 17 659 B 155 B 155 B
P/E ratio 2022 10,6x
Yield 2022 2,87%
Capitalization 27 473 B 242 B 241 B
EV / Sales 2022 1,46x
EV / Sales 2023 1,34x
Nbr of Employees 366 283
Free-Float 71,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 1 983,50 JPY
Average target price 2 254,50 JPY
Spread / Average Target 13,7%
EPS Revisions
Managers and Directors
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.Capi. (M$)
TOYOTA MOTOR CORPORATION24.64%241 528
VOLKSWAGEN AG25.84%140 407
DAIMLER AG41.43%101 814
GENERAL MOTORS COMPANY40.27%84 795
GREAT WALL MOTOR COMPANY LIMITED25.94%71 798
FORD MOTOR COMPANY88.28%66 113