Benzinga | Oct 15, 2021 04:29AM EDT

Toyota Motor Cuts November Production Outlook

* Toyota Motor Corp (NYSE:TM) slashed its global production target for November by ~15% due to the pandemic-triggered parts crisis.

* Toyota cut the production target from 1 million units to 850,000 - 900,000 units.

* This adjustment will affect ~50,000 units in Japan and 50,000 units - 100,000 units overseas; the total number of units affected globally will be ~100,000 units - 150,000 units.

* Toyota affirmed the full-year production target of 9 million vehicles for the 12 months ending March 31, 2022, "due to the easing of restrictions on Covid-19 in Southeast Asia."

* Smaller-than-expected production cuts in September and October also helped, Toyota admitted.

* "We're seeing lower risks," Toyota purchasing group chief officer Kazunari Kumakura said. However, as chip supply normalizes, supply and demand will remain tight, he added.

* Price Action: TM shares closed lower by 0.15% at $175.51 on Thursday.