Toyota misses April-June output target

Toyota Motor's production for the April-June quarter fell around 10 per cent short of its initial plan, but the automaker struck a more optimistic note for its business from August onwards as China's Covid-19 lockdowns eased and demand outside Japan was resilient.

The world's largest automaker by sales said on Thursday that output and sales were on the path to recovery, raising hopes it will still be able to reach its record 9.7 million global vehicle production target for the year ending March 2023.

"We do expect a recovery trend, including in Japan, but we are still in a situation where we cannot foresee the future," a spokesperson said, pointing to wariness over risks such as lingering global chip shortages, a Covid-19 resurgence that is hitting Japan and high fuel prices that could make consumers more cautious about spending.