Toyota to slash output by 40% due to chip shortage

Toyota Motor Corp said it will slash global production for September by 40 per cent from its previous plan, becoming the last major automaker to cut output due to a global chip crunch, but it maintained its annual sales and production targets. Toyota's success in navigating the chip shortage better than rivals has come down to its larger stockpile of chips under a business continuity plan adopted after the 2011 earthquake and the Fukushima nuclear disaster.