UPDATE 1-Toyota to cut capacity in Japan again-NIKKEI
June 20 (Reuters) - Toyota Motor Corp will cut its production capacity in Japan by more than 10 percent from current levels to about 3.1 million units by 2014, continuing to reduce its domestic output, the Nikkei said on Wednesday.
The automaker will not lay off workers as part of the cuts and is keen to ensure that its domestic suppliers and partners remain profitable, the newspaper said.
The company wants to maintain domestic production at about 3 million vehicles per year, down by about 500,000 units from current levels, even if a strong yen hurts export profitability, the business daily said.
Toyota has already cut capacity by 100,000 units at its subsidiary's factory in Shizuoka Prefecture in Japan and its overall domestic capacity is expected to fall to about 3.6 million units this year, the Japanese daily said.
The company's capacity was about 3.9 million vehicles in Japan before the global financial crisis hit, the Nikkei said.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.