Toyota
hasn’t been living its best life in 2022. Amidst multiple vehicle recalls and delays across the board, it seems they can’t get a lucky break. And now, more bad news has been announced: The chip shortage has affected Toyota so much they’re scaling back production numbers. These latest Toyota production delays are just one indication of how much the entire automotive industry truly relies on semiconductor chips. Jerry users don’t rely on chips, though; they rely on us being able to help them find the most affordable car insurance
rates possible. It’s what we do—find out how much we could help you save today. How long will the Toyota production delays last?
AP News
explains that Toyota will likely endure production delays at least until the end of 2022. Though the exact percentage is unknown, it’s not the first time this year that Toyota has had to cut back on the number of vehicles being produced in its facilities. In April, Toyota cut back its production in Japan by a shocking 20%, slowly increasing its numbers as the year progressed. But it seems that the automotive supply chain hasn’t recovered as quickly as the Japanese car company anticipated—meaning that production delays will continue to happen.
How will the Toyota production delays affect car owners?
AP News also points out that Toyota buyers have been waiting months to receive their vehicle—which is pretty standard at the moment. Customers are also not happy about Toyota’s price increases, which YAA
indicates is one of the reasons that Toyota sales are down as much as 23% as of August 2022. It’s not a good look for the company, which currently has a 36-hour supply of inventory at most dealerships. This means that within 36 hours, most models are accounted for or sold. It’s a far cry from the 60-day supply of inventory the company had in 2019.
Will there be more Toyota production delays in the near future?
Reducing the amount of Toyota production delays is something the company is working on, and they’re looking closely at their 2023 projections and predictions for future years. As YAA indicates, Toyota doesn’t believe that inventory will ever return to normal at dealerships or in back stock.
This is because demand for Toyota’s vehicles is higher than ever, even though sales are down. The company is on the long road to stabilization, and hopefully, like the U.S., they’ve learned the hard way that over-relying on Chinese or any singular country’s EV components can cause drastic consequences.
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