Toyota Halts Production At Japan Assembly Plants
Date
8/30/2023 7:16:49 AM
(MENAFN- Baystreet.ca)
Toyota Halts Production At Japan Assembly plants Toyota Motor Corp. (TM) has shutdown production at its domestic assembly plants in Japan.
The world's top-selling automaker said that it has halted operations at all 14 of its Japanese manufacturing facilities due to a problem with its production system.
In a statement, Toyota said it is currently unable to source needed parts for its vehicles, and that the cause of the problem is unknown at this time. However, the company said it has ruled out a cyberattack.
The 14 impacted Japanese factories account for one-third (33%) of Toyota's global automotive production. Toyota produced an average of 13,500 vehicles daily in the first half of this year.
The production shutdown in Japan comes as Toyota was recovering from a series of setbacks, including semiconductor shortages that hampered its vehicle output over the last two years.
In this year's first half, Toyota's motor vehicle output rose nearly 30%, the first increase in two years.
The company said it is not clear how long the production shutdown in Japan will last.
Toyota's stock has risen 12% over the past year to trade at $167.39 U.S. per share.
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