TOKYO (Reuters) -Toyota Motor Corp on Friday cut its planned global output for November by as much as 15% due to ongoing chip shortages, but indicated it would ramp up production from December by sticking to its latest full-year production target. Japan's leading carmaker said in a press release it would produce between 100,000 and 150,000 fewer vehicles in November than it had planned for a month that was meant see a rebound in lost output. That reduction comes after cuts in September and October as supplies of components from factories in Malaysia and Vietnam slowed because of increased COVID-19 infections there, forcing Toyota to trim its production target for the year to March 31 by 300,000 vehicles to 9 million.
Toyota Motor Corporation (TM) closed the most recent trading day at $175.51, moving -0.15% from the previous trading session.
TOKYO (Reuters) -Japan's Nippon Steel Corp said on Thursday it had filed patent infringement lawsuits against Toyota Motor Corp and China's Baoshan Iron & Steel Co Ltd (Baosteel) with a Tokyo district court. Nippon Steel is seeking 20 billion yen ($176 million) in damages from each company, alleging the two firms have infringed on its patents on non-oriented magnetic steel sheets that are used in electric vehicles, it said in a statement. Two of Japan's manufacturing giants, the country's biggest steelmaker and automaker, slugging it out in court is a rare occurrence and signifies the high stakes involved in materials production as the global low-carbon revolution takes hold.