Toyota Will Cut 3,000 Jobs in Japan as Car Sales Fall

Source: Bloomberg News

Nov. 21 (Bloomberg) -- Toyota Motor Corp., Japan's biggest carmaker, will cut its domestic temporary workforce by 50 percent as vehicle demand slumps globally.

Toyota will cut the number of temporary workers to 3,000 from 6,000 by the end of March, spokesman Paul Nolasco said today in a phone interview.

The automaker follows Mazda Motor Corp. and Isuzu Motors Ltd., which yesterday said they would slash a combined 2,700 temporary jobs in Japan in response to slowing sales. Earlier this month, Toyota forecast a 68 percent drop in full-year net income, the biggest decline in at least 18 years, as a global recession cripples auto demand.

``Falling export demand is having a big impact on production in Japan,'' said Hirofumi Yokoi, a Tokyo-based analyst at automotive consulting company CSM Worldwide. ``It's unlikely plants will get shut down, but if things get worse, lines, shifts will have to be stopped and plans for new factories will be delay


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aYTDkEfkwqg4&refer=home

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Toyota's CEO was last seen boarding his private jet for Washington DC.

...it'll be before the Japanese people start getting pissed off about the American subsidiaries of Toyota, Honda, etc., and the Americans who work there that stole their jobs.

Japan offshored a lot of its manufacturing to China. Japanese brands that used to be made in Japan -- Sony, Canon -- are now made in China, with considerably poorer quality.

I know this will come as a bit of tongue in cheek
but my wife's company here employs 17, and makes a good profit, about 30-50k€ a year.
We actually work to keep that figure DOWN (taxes) by reinvesting most of that back into the company.
Additionally she takes a salary (she's owner) for the same reason.
At the end of the day her salary which is less than the yearly profits, ends up being worth more than if she'd stayed home waiting for that yearly check.

What's the point of silly massive profits, if you aren't going to reinvest and save up for a bad economy?

as stands, my wife's company is level, no increase in business, but (thank god) no decrease either.

you've worked out a bunch of loopholes to evade taxes? :eyes:

If I make 60k gross, I will have 38k net. If I make 54k gross, I will have 41k net. Anyone who claims they wouldn't take the 54k option is either an imbecile or dishonest. No loopholes, just stupid tax laws.

I actually don't think that.

http://www.wvgazette.com/News/200811200154

I guess the banks won't finance Toyotas either?

We need a smiley face for "tongue-in-cheek."

It might've been a thought to try, to boost some sales. :shrug:

is a major worry right now. Deflation is a concern among economists. Basically it means a steady decrease in prices across the board since there is no demand for anything. This happened during the depression.

And I may be wrong, but interest rates can't really go much lower.

profit margin on their product at the corporate level. Raw materials have not been receding, in fact they have been going up. How can they cut prices in a meaningful way?