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Toyota Motor Corp., Honda Motor Co . and Nissan Motor Co ., Japan's three-largest carmakers, cut global production last month as the deepening recession and a credit crunch damped demand for new automobiles. Toyota's output fell 27 percent to 589,505 vehicles in November, led by a 55 percent drop in Europe, the company said. The decline is the biggest in at least two decades, spokeswoman Yasue Kato said. Honda's production dropped 10 percent to 326,176 vehicles, and Nissan slashed 34 percent to 222,212 units, the companies said separately. Japanese carmakers are slashing output and profit forecasts as the global recession and concerns of job losses deter consumers from purchasing new cars and sport-utility vehicles. Toyota, the maker of Corolla and Camry cars, on Dec. 22 predicted its first operating loss in 71 years, and Honda last week slashed its full-year profit estimate 62 percent. "The automotive market has been in recession in every developed market, especially since October," said Junichi Yamaki, a Tokyo-based analyst at credit-rating company Moody's Japan K.K. "Uncertainty in the financial systems in countries, including the U.S., is adversely affecting consumers' ability to obtain credit." Toyota's sales in the U.S., traditionally its most profitable market, plunged 34 percent in November. The automaker said it plans to further reduce production at factories in the U.S. and Canada.