Toyota and Volkswagen to cuts output amid computer chip crunch

Carmakers worldwide have been cutting production due to the months-long chip shortage

Toyota said the September cuts included 14 factories in Japan and overseas plant.

Toyota said it will slash global production for September by 40% from its previous plan, becoming the last major automaker to cut output due to a global chip crunch, but it maintained its annual sales and production targets.

Germany's Volkswagen said it may also need to cut production further and that it expected the supply of chips in the third quarter to be "very volatile and tight."