Toyota Halts Production And Cuts Management Bonuses To Maintain Positive Cashflow

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.

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Willis - 12/2/2008 10:50:54 AM

-6 Boost

Toyota Fanboy:

"Everybody! Do you see this? Toyota is making money during an economic crisis! That's because their cars are so good!"

_43LE - 12/2/2008 11:49:59 AM

-2 Boost

BMW fanboy:

"Doesn't matter if you make money, as long as there is magical feel that's all that matters"

Hyundai - 12/2/2008 12:01:18 PM

-1 Boost

What'chu talkin' bout, Willis?

1BadMan - 12/2/2008 1:21:44 PM

+1 Boost

What this article should have said!

Toyota to cut management bonuses, cuts Lexus production in hometown!!

Toyota announced today that it will be cutting its management bonuses by 10 percent due to sluggish sales and the global economic slowdown. The Japanese automaker also said that it will cut production even further in its hometown for its luxury Lexus brand.

Toyota, the world’s largest automaker said that it is cutting bonuses for roughly 5,000 managers. It said that automakers are feeling the worst market in decades in the U.S., Europe and even developing markets such as China.

The Japanese automaker will halt production at one of the three assembly lines at its Tahara factory in Japan for two days at the end of the year. According to Automotive News, the result will be a loss of 5,000 units of the Lexus LS, GS and IS models.

And they already cut the labor force at the Kayushu plant in July/August by 900 people. But they don't want you to know that "Lexus" is made in a Toyota plant. Funny!

They are planning ahead though. Unlike the shortsighted American car companies. Had anyone read "The End of Detroit" by Michelle Maynarn? Quite scary if you like domestic cars and the idiots that have run the companies! It is in it's second printing and is about 3 years old but they update the numbers in the book. Helluva read gentleman!

david999 - 12/2/2008 2:16:54 PM

0 Boost

Same thing for Porche and Mercedes.