Toyota, the world's biggest car maker, is considering making cuts to its full time Japanese workforce for the first time since 1950, it has been reported.
Its comes as domestic production is set to fall below three million vehicles for the first time in three decades, said the Yomiuri newspaper in Japan.
Toyota's shares fell 3.9% to 3,720 yen ($37.87;£26) in Tokyo after the report.
The firm said it had yet to forecast its sales and production data for the current financial year.
Toyota has already cut production in the US, Canada, Mexico and the UK.
Strong yen
The firm has been introducing a range of measures - including pay cuts, voluntary redundancies, bonus cuts and shorter hours - to reduce costs.
It has already said it would post the first group-wide annual operating loss in its 70-year history, when its results are announced on 8 May.
Car companies are cutting back as a global slowdown reduces demand, and Toyota has been particularly hit by falling US sales.
Toyota expects to incur a net loss of 350bn yen ($3.6bn; £2.47bn) for the fiscal year ended March 2009.
The carmaker made a record 1.72 trillion yen profit in the previous financial year, but like other Japanese exporters it has been hit by a strong yen which has diluted its earnings overseas.
Toyota's global production for February were down 49.6% on a year earlier to 434,179 vehicles.
Meanwhile, domestic output for the month fell 56.4% on the year before to 207,743 vehicles.
No comments:
Post a Comment