Toyota cuts output target by half a million more vehicles amid chip crunch

TOYOTA1509

Toyota Showroom along Uhuru Highway in Nairobi on September 15, 2019. NMG PHOTO

TOKYO, Feb 9 (Reuters) - Toyota Motor Corp on Wednesday cut its annual production target by half a million more vehicles as a chip shortage and COVID sick leave crimped output.

It will build 8.5 million vehicles in the year to March 31, down from a previously estimated 9 million, the world's biggest carmaker said, as it posted a 21 percent fall in operating profit for the three months to December 31.

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