🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Down on chips, Toyota goes back to basics with car keys

Published 10/27/2022, 01:50 AM
Updated 10/27/2022, 01:56 AM
© Reuters. FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File Photo
TM
-

TOKYO (Reuters) - Toyota Motor (NYSE:TM) Corp has discovered that even keys can be too "smart" for their own good.

The world's top-selling carmaker said on Thursday it would replace one of the two electronic "smart" keys it delivers in Japan with a mechanical one for the time being as it races to get cars to customers in Japan.

"As the shortage of semiconductors continues, this is a provisional measure aimed at delivering cars to customers as quickly as possible," Toyota said in a statement, apologising for the inconvenience.

"As for the second smart key, we plan to hand it over as soon as it is ready," it added.

A global chips shortage has caused a severe delay in car production and shipments, with many buyers having to wait years to get theirs delivered.

© Reuters. FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File Photo

Toyota has been hit particularly hard this year, with natural disasters and other disruptions adding to their troubles.

Last week, the maker of Toyota and Lexus models warned that it would probably be unable to build the 9.7 million vehicles it had initially forecast for the current business year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.