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Toyota to cut capacity by 700,000, company source says

Posted Wednesday, Aug 26, 2009, 11:30 am in Employee News

Toyota Motor Corp. said it would halt a production line in Japan as it looks to cut excess global capacity by as much as 700,000 units to return to profitability amid an industrywide sales slump, Reuters reported.

“Though sales in some countries have been picking up, the outlook for global car demand is still uncertain,” and the company thinks it should be prepared, a Toyota source told the news service. The Nikkei business daily reported that Toyota planned to reduce its global capacity by 10 percent, or 1 million vehicles, as early as the current financial year to March 2010, the story said.

The company source said Toyota had made no decisions on such deep cuts, the story said. Total cuts could reach 700,000 cars, or 7 percent of Toyota’s global capacity, including a joint venture with General Motors Co. in the U.S. likely to be closed and a production line in Britain that may be halted, the source told the news service. (Automotive News)
 
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