Cars and Drivers
As Auto Recession Deepens, Toyota (TM) Cries "Uncle"
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Toyota (TM) will make large cuts in its North American operations as sales in the region continue to fall. Given the strength of the Japanese company’s balance sheet, the moves speak volumes about how bad the US car market is expected to be for the rest of this year and perhaps 2010.
According to MarketWatch, Toyota will make changes “including cutting production days in April, reducing paid hours for workers, eliminating executive and salaried bonuses, cutting executive pay and offering a `voluntary exit’ to employees who wish to pursue other opportunities.”
Combined with news that GM’s (GM) creditors and the UAW are balking at making significant concessions to keep the company out of bankruptcy, it is likely that the largest US car company and Chrysler will be in receivership before the end of the quarter.
Douglas A. McIntyre
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