Toyota to cut global production capacity by 1 million units

Toyota, the biggest automaker on the globe, will cut production capacity by 1 million vehicles, reducing it by 10 percent. The first step in these cuts will be to shut down New United Motor Manufacturing Inc, and halting production lines at plants around Japan and England.

Toyota’s production capacity after the cuts will be about 9 million. The company hopes that this move will raise operation levels past the break-even point of 70%, and put the company’s books in the black for fiscal year 2010.

– By: Stephen Calogera

Source: Reuters