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TOKYO/DETROIT (Reuters) – Toyota Motor Corp (7203.T) offered buyouts to some 18,000 U.S. workers and said it would cut pay for executives and blue-collar workers in North America, and an analyst warned it may soon cut working hours in Japan.
The world's No.1 automaker, struggling as the global credit crunch sends auto sales sliding, said it would shut down production for more days in April at plants in the United States, Canada and Mexico and would cut executive pay and bonuses.
"The global economy is in a once-in-a-century situation ... Nobody knows if these steps will be enough given the uncertain outlook," said Shotaro Noguchi, an analyst at Mitsubishi UFJ Securities.
"Inventory levels are still high, and a recovery in demand is not in sight yet. Toyota may have to adopt work-sharing in Japan in line with production cuts, at the same time as reducing overtime work.
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