Toyota announced today that it will be cutting its management bonuses by 10 percent due to sluggish sales and the global economic slowdown. The Japanese automaker also said that it will cut production even further in its hometown for its luxury Lexus brand.
Toyota, the world’s largest automaker said that it is cutting bonuses for roughly 5,000 managers. It said that automakers are feeling the worst market in decades in the U.S., Europe and even developing markets such as China.
The Japanese automaker will halt production at one of the three assembly lines at its Tahara factory in Japan for two days at the end of the year. According to Automotive News, the result will be a loss of 5,000 units of the Lexus LS, GS and IS models.
Image Source: daylife