🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Toyota says it halts some Tianjin operations after report of weak sales

Published 12/01/2023, 11:37 PM
Updated 12/02/2023, 01:10 AM
© Reuters. FILE PHOTO: A sign is seen outside a Tianjin Faw Toyota Motor Co. Ltd showroom, a joint venture between China's Tianjin FAW Xiali Automobile Co Ltd and Japan's automaker Toyota Motor Corp, in central Beijing October 9, 2012. REUTERS/David Gray/File Photo
TM
-

SHENZHEN, China (Reuters) -Toyota Motor has halted production on some ageing lines at a joint venture in China while operations continue as normal, the Japanese automaker said on Saturday after a media report that it was partially suspending production due to weak sales.

The production halt at the Tianjin venture with China's FAW was a planned move, and Toyota (NYSE:TM) is adjusting production based on "changes in the composition of vehicle models", a spokesperson said by email.

"The reason for stopping the production line was to optimize the production system in consideration of aging and changes in the composition of vehicle models such as body types."

Japan's Jiji news service said on Friday the world's largest automaker by sales was suspending some production as part of a major production adjustment in response to weak sales of gasoline-engine cars.

A FAW representative did not respond to a request for comment.

© Reuters. FILE PHOTO: A sign is seen outside a Tianjin Faw Toyota Motor Co. Ltd showroom, a joint venture between China's Tianjin FAW Xiali Automobile Co Ltd and Japan's automaker Toyota Motor Corp, in central Beijing October 9, 2012. REUTERS/David Gray/File Photo

Reuters reported last month that Toyota had told dealers it would extend a plan to reduce output at the FAW venture.

Slowing sales pose a growing challenge to Toyota in China which accounted for nearly a fifth of Toyota's worldwide sales of about 8.5 million vehicles over the first 10 months of the year, including sales of its luxury Lexus brand.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.