Toyota Motor Corporation said on Tuesday it would cut its global production plan by about 100,000 vehicles in June to about 850,000 vehicles due to a shortage of semiconductors. The company has not changed its estimate of producing about 9.7 million vehicles globally by March 2023.

The automaker also announced more domestic factory closures due to supply shortages caused by the COVID-19 lockdown in Shanghai. The additional shutdown will be extended for five days between Wednesday and June 3, affecting 16 production lines at ten factories in May and June.

• Shares of Shriram Pistons skyrocketed 9% on Acquiring Antolin Lighting
• Stocks in Focus: Lloyds Engineering, SEAMEC, RailTel, and Others
• Overnight Stock Market Movements: Key Developments 
• Stocks Under F&O Ban: Bandhan Bank, and Others
• India, Canada Hold Talks to Resume Trade Pact Negotiations

The company said it plans to produce an average of about 850,000 vehicles a month globally from June to August, adding that factors such as chip shortages and the COVID-19 outbreak “make the outlook difficult.”