Japanese auto firms cut FY2021 sales forecasts

Major Japanese automakers have downgraded their unit sales forecasts for fiscal 2021 due to a lack of semiconductors and other auto parts. The outlook of seven companies for the year through March will drop more than 2 million vehicles from their previous forecasts.

Auto firms announced revised forecasts along with their midterm earnings reports.

Toyota cut its forecast for its group companies to 10.29 million vehicles, down 260,000 from its previous forecast.

Honda cut its outlook by 650,000 to 4.2 million vehicles, and Nissan slashed its estimate by 600,000 to 3.8 million.

Suzuki announced a cut of 225,000 vehicles, Subaru 130,000, Mazda 98,000 and Mitsubishi 64,000.

A global chip shortage and parts supply disruptions in pandemic-battered Southeast Asia have forced the companies to slash output.

But the impact of the pandemic is gradually easing in Southeast Asia.

Toyota now expects its domestic factories to return to normal next month -- for the first time in seven months.

But the impact may linger for some other automakers.