Toyota, Japan's largest automaker, announced it will scale back domestic production during Q2 of 2022, causing shares to fall 4.4%. April will have a 20% cut, with 10% and May, and finally, 5% in June as part of an earlier announced plan. A spokesperson for the company said production will still be high (an estimated 11 million cars for the year), and the cuts only reduce their efforts to make up for lost output.
Lowered expectations. Toyota President Akio Toyoda told union members the scale back is an intentional cooling-off period to help prevent suppliers from becoming exhausted.
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