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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: Toyota to halve domestic production for three months: reports AFP - 1 hour 45 minutes ago TOKYO (AFP) - - Japanese auto giant Toyota Motor Corp. will halve domestic production for three months and reduce operations at domestic factories amid plummeting demand, according to the latest reports. Toyota will produce roughly 9,000 units per day in Japan from February through April, the lowest level in three decades and lower than what is considered to be efficient production and profitability, the Asahi Shimbun newspaper and Kyodo News said. The company will also stop operations at 11 of its 12 domestic factories for three days this month -- on Saturday and also on January 24 and January 30 -- in line with previously announced plans, said Kyodo. In February and March, the carmaker will suspend operations at all 12 factories for 11 days, the report said. The move underscores the rapidly deteriorating fortunes of Japan's auto giants, which have racked up bumper profits in recent years and invested heavily to expand their production facilities overseas. Japan's top automaker last month forecast its first-ever annual operating loss, blaming "an unprecedented crisis" in the global auto industry. Toyota's domestic output for 2008 averaged about 20,000 units per day, but the deterioration of global auto demand has forced the company to scale down or temporarily close factories, Kyodo said. Toyota officials could not be reached immediately. The company, which vies with troubled US firm General Motors for the crown of the world's largest automaker, has already moved to reduce production at its domestic, US, Canadian and French factories. It had previously announced plans to lay off 3,000 temporary workers in Japan, where it builds cars for both domestic and overseas markets. The reports came a day after number-two Japanese automaker Honda announced a plan to eliminate more than 3,000 jobs and to further cut production and Subaru-maker Fuji Heavy warned of its first annual loss in 15 years. Yamaha Motors also said it would suspend production at 11 domestic plants for up to 10 days, while reports said Nissan planned to transfer production of subcompact cars from Japan to Thailand to reduce costs. Japanese makers are in better health than the Big Three US automakers, which have been forced to seek financial lifelines from the US government to stave off bankruptcy. Toyota had enjoyed hefty profits in recent years fuelled by demand overseas, particularly in the United States, for its eco-friendly hybrid cars. But demand has fallen sharply in Western markets with a credit crunch and rising unemployment levels deterring potential car buyers. The Japanese auto market has been in a chronic slump, forcing automakers to rely on overseas sales for their growth. 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: China's Economy IBM buys $16 mln stake in China Sichuan ChanghongReuters - 57 minutes ago Toyota to halve domestic production for three months: reportsAFP - 1 hour 45 minutes ago China Merchants Energy Q4 net profit dives 74 pctReuters - 2 hours 19 minutes ago Air China warns it faces loss due to fuel hedgingAP - Saturday, January 17 Related Articles: Business Pakistani cenbank sells 20 bln rupees of T-billsReuters - 22 minutes ago IBM buys $16 mln stake in China Sichuan ChanghongReuters - 57 minutes ago Malaysians vote in crucial by-electionReuters - 1 hour 2 minutes ago Olympics-Tokyo's 2016 bidders flex financial musclesReuters - 1 hour 9 minutes ago Disney CEO Iger's 2008 compensation: $51.1MAP - 1 hour 23 minutes ago Enlarge Photo Toyota to halve domestic production for three months: reports Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hormone drives sexy women to infidelity, says study 'Dogs don't wear condoms,' says Baywatch star Anderson Michelle Obama's ball gown has fashionistas abuzz Israel poised to call unilateral halt to Gaza onslaught Boy George jailed for 15 months for imprisoning escort View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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