Toyota trims production target, posts Q3 profit fall amid chip crunch

Toyota Motor Corp on Wednesday cuts its annual vehicle production target as a chip shortage crimped vehicle output, posting a 21% fall in third-quarter operating profit to 784.4 billion yen ($6.80 billion).

The company lowered its production target for the year to March 31 to 8.5 million vehicles from 9 million.

The result for the three months to Dec. 31 was higher than an average forecast of 716.8 billion yen based on the estimates from nine analysts, Refinitiv data shows.

Toyota stuck with its full-year profit forecast of 2.8 trillion yen. That prediction is lower than a mean 3.04 trillion yen profit based on forecasts from 27 analysts, Refinitiv data shows.