The industry-wide microprocessor shortfall forced Toyota to announce a 100,000-unit reduction in worldwide manufacture to 850,000.
This will have an impact on corporate profitability and dealer financial health,
and it may cause buyers to postpone new car purchases for months, if not years.
It was unthinkable two years ago that a multinational automaker would reduce output.
Almost everywhere in the world, demand for automobiles and light vehicles was high.
Demand is still high, but there aren't enough automobiles to go around.
Toyota is the world's largest manufacturer depending on the year, as it alternates with Volkswagen.
Because of this distinction, its fortunes are as good a predictor of the industry's short-term future as any other.