Toyota Hits The Brakes

News Type: Event — Seeded on Tue Jan 6, 2009 7:14 AM EST

Article Source: Forbes

business, bailout, auto, toyota, auto-industry, auto-bailout

With demand falling, the automaker will halt production at its Japanese factories for 11 days.

If no one's buying, don't make 'em. After the release of dismal December U.S. auto sales figures, Toyota Motor said it will idle its factories in Japan for 11 days in February and March. Though the company has not yet issued a 2009 outlook, the move is a clear signal that the leading Japanese automaker doesn't believe the beginning of a new year will spell the end to the rough ride for global automakers.

The Japanese automaker said Tuesday it will halt production at its 12 domestic plants for six days in February and five days in March. Toyota previously said it would suspend production at those factories for three days in January. Four of the plants manufacture cars while the others produce engines and auto parts.

In other words 3 days in January (previously announced), 6 February, 5 March; total 14 days shut down.

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eriq samson

But sales appear to be decelerating faster for Japanese automakers as the slump drags on. Sales for Toyota and Honda plunged more in the U.S. in December than they did for some Detroit automakers. Toyota and Honda's sales plunged 37% and 35%, respectively, while General Motors (nyse: GM - news - people ) and Ford Motor (nyse: F - news - people ) suffered declines of 31% and 32%, respectively

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#1 - Tue Jan 6, 2009 7:16 AM EST

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Reports: Toyota grandson to take top job	Associated Press	Mon Jan 5	0
Toyota orders 11-day factory halt - Jan. 6, 2009	CNN	Tue Jan 6	0
Toyota, Honda lead declines in Dec. auto sales	Google	Tue Jan 6	1
US auto sales drop in 2008, recovery unclear	Associated Press	Mon Jan 5	35
Meltdown 101: Foreign automakers struggle too	Google	Tue Jan 6	3

ERIQ SAMSON

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Toyota Hits The Brakes

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