---
title: "Toyota Shares Sink Most in Nearly Two Years on Output Target Cut"
description: "Toyota Motor Corp. shares fell as much as 4.7% Wednesday morning, their biggest intraday loss since March 2020, after the company warned it expects to miss its production target for this fiscal year."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "International Finance"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2022-01-19-toyota-shares-sink-most-in-nearly-two-years-on-output-target-cut/"
published: "2022-01-19T05:32:30"
lang: "en-ZA"
word_count: 207
---

# Toyota Shares Sink Most in Nearly Two Years on Output Target Cut

> Toyota Motor Corp. shares fell as much as 4.7% Wednesday morning, their biggest intraday loss since March 2020, after the company warned it expects to miss its production target for this fiscal year.

By Bloomberg · Published 19 January 2022, 07:32 SAST

## Content

Toyota’s head of purchasing, Kazunari Kumakura, said Tuesday it would be “very difficult” to meet a target of making 9 million vehicles in the year through March due to supply-chain challenges, including semiconductor shortages. While the Japanese automaker didn’t set a new target for the year, it said it is cutting February production by about 150,000 units.

Toyota pared its loss to 2.8% as of 9:32 a.m. in Tokyo. That’s the biggest drop since Dec. 20 and trims its 2022 gain to 12%.

| More: |
| --- |
| [Top Carmaker Shutdowns Hint More to Come in Covid-Zero China](https://www.bloomberg.com/news/articles/2022-01-18/top-carmaker-shutdowns-hint-more-to-come-in-covid-zero-china) |
| [Toyota Expects to Miss Annual Output Goal on Chip Disruptions](https://www.bloomberg.com/news/articles/2022-01-18/toyota-said-to-pare-back-february-output-plan-on-chip-shortages) |

SMBC Nikko Securities analyst Toshihide Kinoshita said it was noteworthy that even Toyota, with its relatively strong supply-chain management, can’t meet production targets. “The situation at other companies must be even more challenging,” Kinoshita wrote in a note.

Shares of Japanese automakers more broadly were lower Wednesday. Nissan Motor Co., Honda Motor Co. and Mazda Motor Corp. all fell more than 1%.

Toyota said Tuesday that while it is looking to produce a high number of cars in March and in the new fiscal year starting April, “there are still risks and with Covid continuing to spread, conditions are proving difficult to read.”