Toyota to outsource more production, report says

LOS ANGELES (MarketWatch) — Toyota Motor Corp.
plans to further outsource its car production to plants overseas, the Nikkei business daily said Wednesday in an unsourced report. The company will cut Japan production from an estimated 3.4 million units this year to 3.1 million units as early as 2014, with an eventual goal of 3 million, the report said. Meanwhile, overseas production is due to ramp up from a projected 5.25 million units this year to 6.8 million by 6.8 million, the report said. Still, even if a protractedly strong yen hurts export profitibility, Toyota will maintain domestic production of 3 million units “so that domestic parts suppliers and other business partners can secure enough profit,” and won’t lay off any Japanese workers in the reorganization, the Nikkei reported.

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