25-May-2024

Toyota's Strategic Scale-Back! Lowers Output At Chinese JV To Navigate Challenging Market: Report

Grand News Network | November 7, 2023

Toyota Motor Corporation (NYSE: TM) has reportedly told dealers that it will extend a program to lower output at one of its joint ventures in China, where it encounters rising competition.

Hence, the number of vehicles sold to Toyota dealers is slated to fall to 66,000 units in December, 60,000 in January, and 38,000 in February, Reuters reported, citing a letter that has been verified with one of the dealers.

The reduction, initially set for October and November, will continue for an additional three months, according to a letter dated November 3 from Toyota's joint venture with China's state-owned FAW Group.

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