Toyota to cut production by 1 million

• Source: Global Times
• [11:04 August 27 2009]
• Comments

Japan-based Toyota Motor plans to slash its global production capacity by up to 10 percent from early 2010 until late 2011 to cope with weak sales, but regions such as China are not included in the cuts.

The company will shut down a factory named Nummi, a joint venture with General Motors Corp., suspend some lines with British factories, and a line at its Takaoka plant in Aichi prefecture that produces up to 220,000 vehicles a year.

Production of Toyota vehicles will be reduced to 9 million units, in the hopes of bringing back profits in 2010.

Although the Chinese market is performing well, the global financial crisis as forced Toyota to make this move.

Agencies and Wang Lei contributed to this story