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- Toyota (NYSE:TM) announced that it is suspending production at all 28 lines of its 14 plants in Japan beginning on Tuesday due to what the Japanese automaker called a "system malfunction."
- A key domestic supplier suspect the Toyota issue may be a cyberattack because its own system could not communicate properly with Toyota or monitor production. There are separate reports of issues with other suppliers.
- It is unclear when the Toyota problem will be fixed and the timeline for production to resume.
- Toyota (TM) and other automakers are already struggling with shortages of computer chips and other parts due to disruptions from the coronavirus pandemic.
- Shares of Toyota fell 1.55% in premarket action in the U.S.