According to Beijing News today, Toyota said it has cut its production by 7%-8% due to market slowdown amid the global financial crisis.
“We will adjust our production plan according to the market situation,” said Satoru Mori, general manager of FAW Toyota Motor Sales Co., at the current Guangzhou Auto Show. FAW-Toyota has cut the production in its factories by 7%-8% this year in response to the market slowdown, he said.
The joint venture between China’s FAW and Japanese carmaker Toyota, FAW-Toyota, sold 285,000 cars from January to September, while the carmaker planned to sell 400,000 units for the whole year.
With the markets getting tougher on the global credit crisis, Toyota sales dropped in the America and Europe and it announced to lower its sales target to 9.5 million units, down by 350,000 from the initial target. Meanwhile, Guangzhou Toyota, one of Toyota’s Chinese joint ventures, has cut the production by 10%.