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Toyota cuts production target by 300,000 vehicles due to parts and chips shortages

TOKYO - Toyota cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips. "It's a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact," Kazunari Kumakura, an executive at the world's biggest car maker, said after the company revised its production target. Unlike other big global automakers that were forced earlier to scale back production plans, Toyota had managed to avoid cuts to output because it had stockpiled key components along a supply chain hardened against disruption following northeast Japan's devastating earthquake in 2011. Toyota's announcement on Friday is a further sign that no part of the global car industry has escaped the affects of a pandemic that has sapped sales and is hobbling its ability to take advantage of the recovery in demand that followed the initial waves of COVID-19. Car sales in China in August fell by almost a fifth from a year earlier because there were fewer vehicles for people to buy. Toyota now expects to build 9 million vehicles in the year to March 31, rather than 9.3 million. It did not revise its 2.5 trillion yen ($22.7 billion) operating profit forecast for the business year. Adding to a 360,000-vehicle cut in worldwide production in September, Toyota said on Friday it will reduce output by a further 70,000 this month and by 330,000 in October. It hopes to make up some of that lost production before its year-end. Demand for chips has soared during the pandemic as consumer electronic companies rush to meet stay-at-home demand for their smartphones, tablets and other devices. A heavy reliance on Southeast Asian factories for parts is a headache for Toyota, but its also a problem for its rivals that have struggled with what Volkswagen has described as "very volatile and tight" chip supplies. The German carmaker has warned it may need to cut production further as a result. Ford last month shut down production at a plant in Kansas that builds its best-selling F-150 pick up because of parts supply woes, with Renault extending partial stoppages at factories in Spain. Mercedes this month said it expects chip shortages to significantly lower third quarter sales. (Reporting by Tim Kelly; Editing by Muralikumar Anantharaman and Kim Coghill) Plants/Manufacturing Lexus Toyota

2022 Lexus LC 500, 500h introduce Bespoke Build exclusive options

Lexus has announced the 2022 LC 500 coupe, 500h hybrid coupe and LC 500 Convertible. The changes are as subtle here as they were on the LS 500. The coupe's suspension has been "optimized to enhance ground contact feel, linear steering response and steering effectiveness [at] high G," we're told, and that's as close as we get to knowing what Lexus engineers did. After that, there are a few changes that could be spotted at ten feet. One is the Sport Package gaining a 21-inch forged alloy wheel to replace the 20-inch wheel for the 2021 LC 500 hardtop.  There's another revision to the Sport Package thanks to Lexus introducing its Bespoke Build program, which will open up a new menu of performance and cosmetic options. The current LC 500 Coupe offers two Sport Packages, one with a glass roof, one with a carbon roof. From 2022, the weaved lid will only be available to Bespoke Build buyers, which starts with a coupe fitted with the carbon roof Sport Package and the All-Weather Package. The customization choices will get their own configurator page come November 17, laying out exclusive color options like the Manhattenhenge interior and exclusive components like the carbon fiber rear wing and 21-inch forged alloy wheels that were previously limited to the LC Inspiration Series. Each Bespoke Build will also come with an interior badge and a certificate of authenticity. On the droptop side, there's been some additional suspension fiddling. On both coupe and convertible, the 11-strong color palette has been shaved to nine colors, Liquid Platinum and Obsidian going away. The 2022 LC 500 starts at $93,050 plus a $1,075 destination charge, for a total of $94,125, the convertible at $102,175 after destination, both unchanged for this year. The LC 500h MSRP gets goosed a touch, increasing $1,440 to $100,125. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lexus to offer no-haggle policy at dealers

The automotive world hasn't seen no-haggle pricing in the US since Saturn collapsed in 2009, but Lexus is about to bring it back. The idea originated in company discussions with dealers two years ago, with dealers saying that a segment of potential buyers didn't enjoy negotiating a price. In order to find out how firm pricing will alter the landscape, 12 Lexus dealers will begin the pilot project at the beginning of 2016. That means new and used cars, parts, and service will come with fixed prices, according to the Detroit Free Press. Jeff Bracken, general manager of the Lexus brand, held up a Phoenix Toyota dealer as a success story, noting that the dealer's no-haggle strategy has worked for 12 years. Outside consultants will train employees at the selected outlets, and its effectiveness will be examined nearly every week. Prices can be changed, "but the expectation is that they remain unchanged for months at a time," and any incentives can still be deducted from that set price. The key to getting usable results - whether the program sticks around or not - is that those 12 dealers have to accept that some customers are going to walk out the door if they can't get the deal they want. Bracken said he expects sales and market share to decline some once the project begins, but only for a few months. After customers get accustomed to it, Bracken said he expects the initiative to be a success and expand to other company dealerships in 2017, even if not all Lexus dealers sign on. Related Video: News Source: Detroit Free PressImage Credit: Mike Windle/Getty Images for Pandora Media, Inc. Lexus Car Buying Car Dealers Used Car Buying Luxury