Toyota to slash production due to chip shortage

Toyota Motor is slashing its global production for September by 40% from its previous plan due to the worldwide shortage of semiconductors.

Report informs, citing foreign media, that the automaker had planned to make just fewer than 900,000 cars. That number has been cut to about 500,000, resulting in a temporary production shutdown as several domestic factories.

Production in North America, China, and Europe will likely be scaled back by tens of thousands of units.

The news caused a 4.7% decrease in the cost of Toyota shares.