SHOPSMART AUTOS – CUSTOMER INFORMATION – NOVEMBER 20, 2021 -1
Toyota said on Friday that it would cut November production targets at home and abroad by as much as 15 percent as the pandemic and a global semiconductor shortage have made it difficult for the Japanese automaker to meet its short-term manufacturing goals. Automakers worldwide have struggled to keep up with rebounding demand for their vehicles as pandemic restrictions in the world’s largest auto markets ease and consumers look to make up for lost time. The European Automobile Manufacturers’ Association said Friday that new car registrations in September were down 25 percent from a year earlier, largely because dealers don’t have enough cars to sell because of a shortage of semiconductors. The global shortage of semiconductors — caused by such factors as supply chain woes and surging sales of home electronics during lockdowns — has hit the automotive industry hard, with Volkswagen reporting a 28 percent decline for September, the European manufacturers association said. Many automakers reduced orders for parts last year because of uncertainty about the pandemic’s effect on sales, and they are now struggling to source new components. Other industry players have announced cutbacks in their manufacturing plans as a result, but Toyota, which had stockpiled chips, was able to hold out longer than its competitors. In September, however, Toyota announced substantial cuts to its production targets for September and October, citing the lack of semiconductors and difficulties obtaining parts from suppliers in Southeast Asia hit by the coronavirus. Toyota had initially planned to produce a million vehicles in November, hoping to make up for previous production shortfalls and meet strong global demand. But continuing difficulties obtaining supplies have forced it to change those plans. The company now projects it will make 850,000 to 900,000 vehicles next month. It made 830,000 vehicles last November. In a statement on its website, Toyota said it still expected to meet its annual production forecast of nine million vehicles — adjusted down in September from 9.3 million — by the end of its fiscal year in March. The company said it was considering strategies to deal with its supply chain difficulties, noting that “we expect the shortage of semiconductors to continue in the long term.”The all-electric Air sedan on Monday was named MotorTrend’s car of the year, a coveted award in the automotive industry. It marks the first time that the initial product from a new automotive company has received the award, according to the publication. In total, Lucid has said it plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by production of lower-priced models. Lucid told investors in July that it expects to produce 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue, according to an investor presentation. The Dream Edition is a $169,000 special edition of its flagship sedan, with an industry-leading range of up to 520 miles, according to the EPA. Pricing for an entry-level version of the car, the Lucid Air sedan, starts at $77,400 before an up to $7,500 federal tax credit for plug-in vehicles. Lucid is among a handful of EV start-up companies to go public through deals with SPAC companies since last year. But unlike many of its SPAC peers, Lucid is actually generating revenue and producing vehicles. It also has thus far avoided any federal probes into potentially misleading statements to investors unlike others such as Nikola, Lordstown Motors and Canoo.
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