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%.
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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.”
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