The world's biggest automaker Toyota Motor Corporation will cut production by 20 per cent this year as it tries to cope with falling worldwide demand, a report said today.
The company plans to build 6.5 million vehicles this year, compared with an estimated 8.21 million units built during 2008, the Tokyo Shimbun said.
The figure excludes output from Toyota units Daihatsu and Hino.
Officials at Toyota were not immediately available for comment.
The report came a few days after sales figures showed that Toyota has overtaken Detroit rival General Motors as the world's biggest car maker, but the ongoing global economic crisis is weighing heavily on demand.
The Toyota group is due to release its latest data before month's end.
Global sales for 2008 are expected to show a drop for the first time in a decade and the group could also post its first-ever annual operating loss for the year to March.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app