Toyota has announced plans to idle its plants in Japan for 11 days in February and March due to declining sales in the U.S.
Last month Toyota reported a 37 percent sales decline and now vehicles are beginning to pile up. Last month was Toyota’s sharpest decline in more than a quarter of a century. Toyota even performed worse than GM and Ford.
“I never expected the crisis to spread this fast and leave this deep a scar,” Toyota President Katsuaki Watanabe told reporters at a Tokyo event hosted by Japan’s top business lobbies.
Nissan and Honda have also announced to cut production by at least 200,000 vehicles for the year ending in March.
Full Story: CNNMoney.com
Related Stories:
What Were the Top Ten Best-Selling Vehicles in 2008?
