Toyota will cut global production for a third time next month as the pandemic and global shortage of automotive microchips continue to bite, but the impact will not be as painful as before and Japan's biggest automaker finally sees signs of recovery on the horizon.

"I think we are over the worst period," said global procurement manager Kazunari Kumakura.

Toyota will produce between 850,000 and 900,000 vehicles worldwide in November, a 15 percent cutback from the Japanese manufacturer’s revised November production plan to produce 1 million vehicles in the month.

“However, since we are still experiencing a shortage of some parts and will be unable to make up for previous production shortfalls, we have adjusted our initial production plans for November,” the brand said in a statement. 

“This adjustment will affect approximately 50,000 units in Japan, and between 50,000 units and 100,000 units overseas; the total number of units affected globally will be between approximately 100,000 units and 150,000 units.”

Kumakura predicted Toyota's output will recover from December, and he said Toyota will do all it can to make up the lost volume later in the fiscal year ending March 31, 2022.

“We would like to offer our sincerest apologies to our customers and our suppliers for the various inconveniences these adjustments may cause,” said Toyota.