Global Chip Shortage May Extend to 2023, Says Reports

By Logan Wamsley

In a recent announcement, auto manufacturer Toyota stated that they will now cut worldwide vehicle production by 40% in September. This will reduce their output to 540,000 vehicles, down from their planned output of 900,000. As a result, Toyota shares fell 4.4%, the largest daily drop the company has seen since December 2018. Other manufacturers…