Toyota cuts production target as Q3 profit falls

Toyota Motor Corp has cut its annual vehicle production target as a chip shortage hit vehicle output.

Toyota posted a 21% fall in third-quarter operating profit to 784.4 billion yen ($6.80 billion).

Toyota 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.

Toyota stuck with its full-year profit forecast of 2.8 trillion yen. That prediction is lower than a mean 3.04 trillion yen forecasted profit.

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