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Toyota Will Cut Domestic Production as Sales Plummet

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Tetsuya Komatsu and Makiko Kitamura
Bloomberg News
Wednesday, August 26, 2009

Aug. 26 (Bloomberg) — Toyota Motor Corp., Japan’s biggest automaker, plans its first long-term closure of a domestic assembly line as car sales in the country fall to the lowest in more than 30 years.

Toyota, which cut domestic production 49 percent through June, will reduce output by about 220,000 vehicles by shutting down a line at its Takaoka plant from the fiscal first quarter of next year through the second half of calendar year 2011, spokeswoman Ririko Takeuchi said by phone today.

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Car demand has plummeted due to the global recession, forcing General Motors Corp. and Chrysler LLC into bankruptcy. Toyota, the world’s largest carmaker, earlier this month forecast a net loss of 450 billion yen ($4.8 billion) for the year ending in March. Toyota President Akio Toyoda, who took the helm in June, is slashing costs as he tries to avoid a third consecutive year of losses.

“Toyota is desperate to cut costs,” said Yuuki Sakurai, chief executive officer of Fukoku Capital Management Inc. in Tokyo. “The company needs to stop building unpopular and unprofitable cars.”

Full story here.

This article was posted: Wednesday, August 26, 2009 at 12:11 pm





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