Now I'm getting a little confused. Is the recession slowly ending or are we going deeper. I would think that the major auto manufacturers like Toyota and Honda would have staff's that are spending all of their times trying to figure out where the economy is going.
Just a few posts ago I commented that Honda was back to Saturday production schedules at some of its US plants because of increased demand.
Today in Bloomberg.com it was reported that Toyota plans to close one of its domestic (Japan) assembly lines. This is the first time they have done this, and it is a reflection of the lowest level of sales they have experienced in 30 years.
Toyota has already cut production this year by 49%, and now they are taking an assembly line off line from the first quarter next year until mid 2011.
“Toyota is desperate to cut costs,” said Yuuki Sakurai, chief executive officer of Fukoku Capital Management Inc. in Tokyo. “The company needs to stop building unpopular and unprofitable cars.”
Not very good news for Toyota or the rest us.
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