Toyota tells suppliers output will drop by 20% in 2009

Toyota Motor Corp. in late February told close to 450 of its parts suppliers that its global production in fiscal 2009 would likely drop 20% to roughly 6.2 million vehicles on a parent-only basis due to a sales slump and the continuing global economic crisis. Toyota usually releases its procurement plans in February, but was not able to announce its 2009 production plans on time, due to the difficulty in projecting demand during these uncertain times. A senior company official said that the figures Toyota released were only a rough estimate for parts manufacturers. Meanwhile, Mitsuo Kinoshita, executive vice president of Toyota Motor Corp., will be appointed Toyota Auto Body Co.’s chairman in June. Kinoshita has worked in such areas as business planning, personnel and finance at the world’s leading automaker. (February 26/28, 2009)