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

by Mike Robinson

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© Reuters. FILEPHOTO: Toyota Motor Corp. booth at 44th Tokyo Motor Show. Tokyo, Japan. November 2, 2015. REUTERS/Issei Kato

TOKYO, Reuters -Toyota Motor Corp has reduced its annual vehicle production target due to a chip shortage. The company posted a 21% drop in operating profit for the third quarter at 784.4 billion yen ($6.80 million).

According to the company, its March 31 production target was lowered to 8.5million vehicles instead of 9million.

Based on nine analyst estimates, the result of the three-month period ended Dec. 31, was more than the average forecast at 716.8 trillion yen. Refinitiv data indicates.

Toyota maintained its full-year profit projection of 2.8 trillion Japanese yen. Based on 27 analyst forecasts, this prediction is less than the average 3.04 trillionyen profit. Refinitiv data shows.

($1 = 115.4200 yen)

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