Toyota suffers losses due to global chip shortage
Global chip shortage has severely affected the automobile industries' production and eventually, their sales have been extremely low. Japanese automobile giant Toyota has also been a victim of this problem. The world’s best-selling car company suffered a loss of 21% in its third quarter of the current financial year. Due to the scarcity of semiconductors, Toyota's annual production fell by half a million units. Toyota in a statement said: "We sincerely apologize for the inconvenience caused to our customers due to the series of production volume reductions since last summer. We are working to restore full production as soon as possible”. Its competitors such as Volkswagen, General Motors, Ford, Nissan, Daimler, BMW and Renault, etc have also reduced their vehicle production. The waiting period for its flagship SUV- the all-new Toyota Landcruiser has reached almost 4 years. Last month, Toyota emerged as the world’s biggest car seller after it beat the German automaker Volkswagen.