Toyota Motor (NYSE:TM) Corp is trading up 0.04% at 180.07
Toyota Motor (NYSE:TM) Corp cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips.
“It’s a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact,” Kazunari Kumakura, an executive at the world’s biggest car maker, said after the company revised its production target.
Unlike other big global automakers that were forced earlier to scale back production plans, Toyota had managed to avoid cuts to output because it had stockpiled key components along a supply chain hardened against disruption following northeast Japan’s devastating earthquake in 2011.
The Japanese carmakers’ announcement on Friday is a further sign that no part of the global car industry has escaped the effects of a pandemic that has sapped sales and is hobbling their ability to take advantage of the recovery in demand that followed the initial waves of COVID-19.
Car sales in China in August fell by almost a fifth from a year earlier because there were fewer vehicles for people to buy.
On technical fronts Toyota Motor (NYSE:TM) Corp RSI stood at 56.62 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stop loss:
TRADE SIGNAL – : Toyota Motor (NYSE:TM) Corp – BUY : 180.07, TARGET: 181.61, STOP LOSS : 179.81