TOKYO—Toyota Motor Corp. on Friday cut its planned global output for November by as much as 15 percent due to ongoing chip shortages, but indicated it would ramp up production from December by sticking to its latest full-year production target. Japan’s leading carmaker said in a press release it would produce between 100,000 and 150,000 fewer vehicles in November than it had planned for a month that was meant see a rebound in lost output. That reduction comes after cuts in September and October as supplies of components from factories in Malaysia and Vietnam slowed because of increased COVID-19 infections there, forcing Toyota to trim its production target for the year to March 31 by 300,000 vehicles to 9 million. On Friday, the company stuck to that forecast, meaning it will have to ramp up production for the remainder of the business year, relying on a decline in COVID-19 infection …