This Morning in Metals: Toyota announces production cuts amid chip shortage
This morning in metals news: Toyota this week announced plans to slash production amid the ongoing global semiconductor shortage; unemployment rates fell in 17 states in July; and, lastly, U.S. large-scale battery storage capacity increased by 35% in 2020.
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Toyota to cut production
Toyota yesterday announced plans to cut production in September, citing parts shortages stemming from the spread of COVID-19 in Southeast Asia. The automaker plans to cut its global output by 40%.
The production suspensions will impact popular models, including the RAV4 and Camry, among others.
Unemployment down in 17 states
Unemployment rates fell in 17 states in July, the Bureau of Labor Statistics reported.
Meanwhile, unemployment rates were stable in 33 states.
The national unemployment rate fell 0.5 percentage point to 5.4%. The rate marked a sharp decline from July 2020, when the unemployment rate moved over 10%.
U.S. large-scale battery storage capacity gains
U.S. large-scale battery storage capacity rose by 35% in 2020, the Energy Information Administration reported.
“Much of the recent increase in new storage capacity comes from battery energy systems co-located with or connected to solar projects,” the EIA reported.
“Five states account for more than 70% of U.S. battery storage power capacity as of December 2020. California has the largest share at 31% (506 MW) of the U.S. total. Texas, Illinois, Massachusetts, and Hawaii each have more than 50 MW of power capacity.”
Furthermore, U.S. large-scale battery storage capacity has tripled in the last five years, the EIA reported.
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