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Toyota Still Suffering From Economic Downturn

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Toyota Still Suffering From Economic Downturn

Business

Toyota Still Suffering From Economic Downturn

Toyota Still Suffering From Economic Downturn

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Toyota came out a winner in the "cash for clunkers" program. Its Corolla, Camry and Prius models were among the most popular cars Americans drove away under the subsidized car-buying program. However, Toyota executives face what could be a record yearly loss. The company on Wednesday announced its first long-term closure of an assembly line in Japan.

RENEE MONTAGNE, host:

NPR's business news starts with more cost cutting at Toyota.

(Soundbite of music)

MONTAGNE: Toyota may have come out a winner in the government's Cash for Clunkers program. Corollas, Camrys and Priuses were among the most popular cars Americans drove away under the subsidized car-buying program.

Still, Toyota executives face what could be a record yearly loss, so they're slashing costs and global production. Today, the company announced its first ever long-term closure of an assembly line in Japan.

The factory line in Japan will be shut for a year and a half. A spokesman said the 1,700 workers there won't be laid off. Most will be transferred to another line or neighboring plants.

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