...On 19 August, Toyota Motor Corporation (A1 stable) announced that it will suspend production at its factories globally for various lengths of time throughout September. The move is credit negative because it will reduce the automaker's September car production global target by 40%. The company said the recent spike of the coronavirus infections in Southeast Asia, including Malaysia (A3 stable) and Vietnam (Ba3 positive), has exacerbated the shortage of automobile parts, including semiconductor chips. Toyota now plans to produce around 500,000 cars in September, 360,000 fewer than the original target of around 900,000 reported in the media. Production will be the most affected in Japan, with all 14 of its factories closing from one to 22 days, resulting in a decrease of 140,000 units. The company also expects production cuts of 80,000 units each in North America and China, 40,000 in Europe, with the remaining cuts in other countries. The company had conservative production estimates for...