Why is Toyota slashing production by almost half?

TOYOTA is set to slash its September vehicle production by 40 percent as the global chip shortage continues

The chip shortage has worsened throughout the pandemic… as consumers reach for more appliances that rely on the technology – like phones, TVs and other smart devices.

Toyota is the world’s biggest car manufacturer and it will cut global production from 900,000 cars in September to 540,000.

This follows Volkswagen saying it also expects the third quarter vehicle production to be much lower, with the supply of chips “volatile and tight”.