Toyota misses May global production target

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Toyota misses May global production target

Toyota Motor Corp missed its May global production target, according to a report by the company.

China's COVID 19 lockdowns and semiconductor shortages continued to affect business, and the automaker's production target had already been downgraded.

That makes May the third month in a row in which production fell short.

Toyota produced 634,940 vehicles last month and fell short of its target of 700,000.

It comes to a 5.3% decline from the same month last year.

In April, Toyota lowered its production forecast by 50,000 to 750,000 vehicles due to China's COVID 19 containment measures.

Domestic production fell 28.5% in May, but rose 4.6% overseas.

Toyota hasn't changed its plan to produce a record 9.7 million vehicles this year, but factors like COVID 19 and the semiconductor shortage could still affect that goal.

The automaker has also downgraded its global production target in June. The latest forecast is for 750,000 vehicles, about 12% less than the original estimate of 850,000.