Toyota announces further production cuts in North America

Toyota announced today that it will further cut production at several facilities in North America due to a global economic slowdown and as auto industry sales continue to decline. According to company spokesman Paul Nolasco, Toyota will suspend production in December and January.

Production at its Kentucky plant will be suspended for nine days, Indiana for six days and Canada for 10 days. Production of the Corolla and Tacoma at Toyota’s California plant will be suspended for 10 days.

The new plant suspensions follow cuts that were recently made in the U.S. and Canada. Toyota has also suspended production in Japan, cut bonuses for mid-level manages by 10 percent and has cut its over profit and production targets.

Toyota sales fell 34 percent in Nov. while its luxury brand Lexus fell 35 percent.

Source: Detroit News