Toyota Motor Corp (NYSE:TM) has reportedly ceased operations temporarily at three production lines across two domestic assembly plants following an accident at one of its suppliers.
The incident occurred at Chuo Spring, a key supplier responsible for manufacturing engine and valve springs used in vehicles, and invloved a building explosion at its Fujioka plant that resulted in damage to the facility, reported Reuters.
The report added that this disruption also had repercussions on the production processes of Toyota Auto Body and Toyota Industries, both affiliated companies within the Toyota Group.
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The setback has impacted production on five lines at three Toyota Auto Body plants. It has affected the manufacturing of minivans like the Alphard and some Land Cruiser models, including those intended for overseas markets.
Also Read: Most Americans Still Wary Of EVs — And Prefer Toyota Over Tesla If They Switched: New Poll
Price Action: TM shares closed higher by 0.80% at $179.10 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
