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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japanese carmakers continue downsizing AFP - Saturday, November 22 TOKYO (AFP) - - Japanese carmakers plan further downsizing to cope with the financial crisis, with Toyota cutting 3,000 temporary jobs and Honda reducing its global production, officials said Friday. Japanese manufacturers have expanded rapidly in recent years to meet brisk demand for their fuel-efficient cars but they have not been immune to the global economic downturn, even if they are in much better shape than their US rivals. "The challenges facing the global auto sector are unprecedented, reflecting structural changes that will likely change the landscape of the industry," warned Tatsuya Mizuno, a director at Fitch Ratings. Toyota Motor Corp. plans to reduce its temporary workforce in Japan by half to cope with the deteriorating market conditions, a company spokesman said. "We will not be renewing contracts for 3,000 of our temporary workers at the end of March 2009," the spokeswoman said. "There are various reasons including sluggish sales and the current economic conditions." Honda Motor said it would cut its production this year by 79,000 vehicles from an earlier target to cope with falling sales. Japan's second largest carmaker said it would reduce the number of vehicles it produces by 40,000 in Japan, 21,000 in Britain and 18,000 units in North America. Honda expects to produce 1.278 million units at its domestic plants in the financial year to March 2009, down one percent from last year. The carmaker will temporarily close a factory in Britain in February and March. As a result, its European production this year is now estimated to fall 29 percent compared with last year. "Honda will continue responding to the dramatic market changes with its flexible manufacturing system on a global basis," it said in a statement. Other Japanese carmakers have also been reducing their numbers of contract workers. Mazda, Japan's fifth largest carmaker, said Thursday it would scrap 1,300 temporary jobs, while Isuzu said it would axe 1,400 domestic posts. Nissan Motor has decided to cut production and axe 3,500 jobs worldwide. Fitch Ratings on Friday downgraded its long-term debt rating on Nissan to "BBB+" from "A-" "The extraordinarily rapid appreciation of the yen, together with its historically smaller focus on compact cars, compared to its Japanese peers, combine to increase the difficulties for Nissan," said Mizuno. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Venezuelan oil falls to lowest price in 22 monthsAP - 37 minutes ago Wal-Mart names Duke to succeed Scott as CEOAP - 43 minutes ago Pressure on Citigroup builds, shares fall below $4AP - 54 minutes ago Wall St Week Ahead-Stocks eye Citigroup, Geithner's next movesReuters - 58 minutes ago Dow ends up nearly 500 on Geithner treasury reportAP - 54 minutes ago Enlarge Photo Japanese carmakers continue downsizing Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Wall Street plunges again as panic spreads Oil prices slump under $50 per barrel World stocks dive as panic spreads Is superfood omega-3 keeping its promise? New strain of deadly Ebola virus discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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