Parts shortage from the earthquake and tsunami in Japan continues to hurt the auto sector, with Toyota (NYSE:TM) probably experiencing the worst of the damage, as parts shortages are resulting in its having to shut or cut back on production across the globe, with Europe and China being the latest added to the list.
On Tuesday Toyota said it will extend its production cuts at its factories in North America to the early part of June, suggesting shortages of models at Toyota dealerships.
In Europe there will be an eight-day halt in production for the same reasons.
The automaker added China will also experience a reduction in production from a lack of some parts. China factories will run at about 50 percent capacity through June 5.
Domestically, Toyota resumed car production at all of its plants in on Monday, but they will run at half capacity as well because of parts shortages.
Ford (NYSE:F), General Motors (NYSE:GM), Honda (NYSE:HMC) and Nissan have also said they're cutting back to one level or another at a number of their plants.
Toyota was trading at $77.09, up $0.97, or 1.27 percent, as of 2:21 PM EDT.
Wednesday, April 20, 2011
Toyota (TM) Slowing or Cutting Production Everywhere
Labels:
Ford,
General Motors,
Honda,
Japan Earthquake,
Nissan,
Toyota,
Tsunami
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