$TM Suspends Production on 14 Lines


Toyota was able to navigate the supply shortages better than some other automakers during the early days of the chip shortage, but higher inflation, increased costs and additional supply chain problems have added up.

Covid-19 continues to be a problem as well. Toyota on Tuesday said it would suspend operations on 14 lines at eight domestic factories for up to six days in May due to lockdowns occurring in China.

Toyota expects its operating profit to slip to 2.40 trillion yen ($19.7 billion) for the current fiscal year, down from 3 trillion yen ($22.9 billion) in its last fiscal year that ended in March. It also forecast net income to fall by 20% to 2.26 billion yen ($18.5 billion), despite expectations of record global retail sales during that time.