Toyota Motor Corp.: News & Technical Report
Toyota’s July global vehicle output drops again, puts the annual target in doubt
Toyota Motor Corp. said on Tuesday that production of vehicles worldwide fell 8.6% year-over-year in July, missing its goal for the fourth consecutive month due to COVID outbreaks, harsh weather, a recall investigation, and a chronic chip shortage.
Concerns have been voiced that Toyota may have to cut its annual production target of 9.7 million cars due to the persistent deterioration in performance in July from the world’s largest carmaker by sales, even as China relaxes epidemic restrictions and semiconductor shortages appear to be abating.
In comparison to the previous year’s output of 773,135, Toyota manufactured 706,547 automobiles in total last month, undershooting its target of about 800,000.
Production has fallen 10.3% short of expectations in the first four months of the current fiscal year, which started in April.
Although China’s rigorous COVID regulations and chip shortages have caused supply chain problems for the whole car industry, Toyota has also had to cope with coronavirus outbreaks at a nearby facility, excessive rain in Japan, and production line halts because of recall investigations.
Toyota Motor Corp. Technical Analysis: Daily Chart
In the daily charts, Toyota Motor Corp. is trading in down channel. Toyota Motor Corp. is currently trading below all SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 2087.39 & the resistance level is at 2122.98.
Toyota Motor Corp. will trade in down channel until there is trend reversal.
How to Trade Toyota Motor Corp. this Week:
Toyota Motor Corp. will follow the downtrend until their trend reversal. So, remain bearish on Toyota Motor Corp..
