Toyota group company CFO casts doubt on automaker's output goal (updated)

Toyota Tsusho

29/07/2022 11:29

(Add Toyota spokesperson, paragraph 5)
    TOKYO, July 29 (Reuters) - Toyota Tsusho Corp  8015.T , part
of the Toyota group, does not expect Toyota Motor Corp  7203.T 
to meet its target to produce a record 9.7 million vehicles
worldwide this business year, an executive at the trading firm
said on Friday.
    The comment is likely to add to speculation among analysts
and investors that the world's biggest automaker will have to
slash its production goal for the year to March 2023. 
    Hideyuki Iwamoto, chief financial officer (CFO) at Toyota
Tsusho Corp, told an earnings news conference he expected Toyota
Motor's production to come in below target based on the
automaker's monthly production results and unofficial
announcements on future output.
    "We haven't received an unofficial announcement showing
(Toyota Motor) can produce 9.7 million, so we are being a little
conservative with our estimate while looking at the unofficial
announcements we have received," Iwamoto said.
    A Toyota spokesperson said it has not changed its full-year
production goal, declining to comment further.
    The Japanese automaker has repeatedly cut back output
because of global semiconductor shortages and COVID-19 lockdowns
in China that have thrown supply chains into disarray. 
    On Thursday Toyota Motor said output for the April-June
quarter had fallen 10% short of its initial plan.  urn:newsml:reuters.com:*:nL4N2Z914D
    It said on Friday that output would be cut by 5,200 vehicles
owing to heavy rains in its home prefecture of Aichi and the
surrounding area, which disrupted auto parts procurement.
 urn:newsml:reuters.com:*:nL1N2ZA0DD    

 (Reporting by Satoshi Sugiyama
Editing by Mark Potter and David Goodman
)
 ((Satoshi.Sugiyama@thomsonreuters.com;))