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GER - Slowdown signs - Toyota Motor to cut 2009 output by 10%

Kyodo reported that Toyota Motor Corporation plans to set a target of around 6.3 million units for its global vehicle production in the 2009 business year, down by about 10% YoY.

A company source said that compared with its record high output of 8.68 million units in the 2007 business year, the target for the upcoming year starting April 1st 2009 is lower by about 2.3 million units, more than the annual production of a mid ranking domestic automaker such as Mazda Motor Corporation or Mitsubishi Motors Corporation.

Toyota usually announces production and sales targets for an upcoming year at the end of the preceding year. But it refrained from doing so last December, saying it was too difficult amid rapidly deteriorating global economic conditions. It is now expected to present its output and sales targets for the 2009 business, as they are necessary to help parts makers and other business partners make plans for the coming year.

It may be noted that Toyota has cut back production in line with its plan to close factories for a total of 17 days during the January to April 2009 period. It aims to lower inventories to an adequate level by the end of April and to increase output gradually from May 2009.

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