Toyota Still Suffering From Economic Downturn

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.

Copyright © 2009 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

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.

Copyright © 2009 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.