DETROIT—Toyota Motor Corp on Wednesday cut its 2022 outlook for the U.S. auto industry’s new-car sales, citing the struggles in the supply-chain caused by the pandemic and the conflict in Ukraine. The Japanese automaker’s new outlook of 15.5 million vehicles was down from its prior forecast of 16.5 million, Bob Carter, executive vice president of sales for Toyota Motor North America, said on a conference call. “The supply-chain challenges that we’re seeing … will remain with us for a while,” he said. The global auto industry had already been hit by the COVID-19 pandemic and subsequent shortage of semiconductor chips even before Russia’s invasion of Ukraine snarled parts of the supply chain and contributed to soaring prices of raw materials such as aluminum and nickel. Carter said the U.S. industry’s sales rate in the first quarter was an annualized 14.3 million, but he is “reasonably confident” in the new forecast. …
Toyota Cuts ’22 US New-Car Sales Industry Outlook on Supply-Chain Issues
April 8, 2022
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