Toyota Motor Corp. said today it will cut management bonuses by 10 percent as the global economic slowdown bites hard and prompts it to reduce production further in Japan.The world's largest automaker is cutting bonuses for roughly 5,000 managers as the downturn keeps customers away from showrooms worldwide, a company spokesman said.
Automakers are reeling from the worst downturn in decades as sales slump in the United States and Europe and even in developing markets such as China, which carmakers had hoped would fuel near-term growth.
Read Article