Japanese auto industry giant Toyota saw its profits fall by 21% during the last three months of 2021 as the global chip shortage hit production. The company said its third-quarter operating profit was 784.4 billion yen ($6.8 billion).
The world’s best-selling automaker also lowered its annual production target in 500,000 vehicles to 8.5 million. It comes as manufacturers around the world struggle to find enough microprocessors for their products. “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,” Toyota said in a statement.
In September, Toyota cut its global vehicle production by 40% due to chip shortage. The company has also announced several production halts in recent months due to parts shortages as the pandemic hits supply chains.