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TOYOTA
Toyota, Nissan beset by stalling exports
TOYOTA Motor Corp and Nissan Motor Co, Japan's largest and third-largest auto makers, led a decline in domestic auto production as a recession damped demand for exports.
October output by the country's 12 auto makers fell 6.8 percent, the biggest drop for the month since 1999, to 1.01 million vehicles from a year earlier, the Japan Automobile Manufacturers Association said yesterday. Exports fell 4.2 percent to 575,391 vehicles, led by a 16 percent drop in exports to the United States.
Toyota's domestic output plunged 17 percent to 341,948 vehicles as its exports to North America dropped 7.8 percent and those to Asia plummeted 25 percent. The company has slashed its profit forecast by 56 percent.
'Until now, demand from emerging markets was propping up drops in the mature markets,' Tatsuya Mizuno, director at Fitch Ratings in Tokyo, told Bloomberg News. 'Now emerging markets are showing signs of slowing, making this a global slump.'
Nissan's Japan output dropped 11 percent to 100,096 vehicles, led by a 25 percent decline in exports to North America. Earlier this month, Nissan said it will cut domestic production by an additional 72,000 vehicles by March and slash the number of contract workers to 500 in January from 2,000 in October.
Honda Motor Co, Japan's second-largest carmaker, will cut output by 40,000 vehicles at a plant in Saitama prefecture that makes Accord sedans. Honda's Japan output rose 4.6 percent to 126,134 vehicles as exports to Europe more than doubled while shipments to the US tanked 30 percent.
Japan production at Suzuki Motor Corp, the country's second-largest minicar maker, fell 3.3 percent to 108,385 vehicles on a 14 percent drop in exports, led by declines to North America and Europe.
Mazda Motor Corp, which exports about 85 percent of its domestic production, said Japan output rose 2 percent to 95,177 vehicles as exports to emerging markets surged 44 percent. Shipments to North America dropped 17 percent.
Mazda this week said it will halt production at two plants in Yamaguchi prefecture for two days in December as part of its plan to reduce output by 73,000 vehicles in the second half of the fiscal year.
Mitsubishi Motors Corp, maker of the Outlander sport-utility vehicle and Eclipse sports car, said it is cutting 1,100 temporary jobs in Japan by the end of the fiscal year as it reduces its global production plan by 110,000 vehicles in the period.
October output by the country's 12 auto makers fell 6.8 percent, the biggest drop for the month since 1999, to 1.01 million vehicles from a year earlier, the Japan Automobile Manufacturers Association said yesterday. Exports fell 4.2 percent to 575,391 vehicles, led by a 16 percent drop in exports to the United States.
Toyota's domestic output plunged 17 percent to 341,948 vehicles as its exports to North America dropped 7.8 percent and those to Asia plummeted 25 percent. The company has slashed its profit forecast by 56 percent.
'Until now, demand from emerging markets was propping up drops in the mature markets,' Tatsuya Mizuno, director at Fitch Ratings in Tokyo, told Bloomberg News. 'Now emerging markets are showing signs of slowing, making this a global slump.'
Nissan's Japan output dropped 11 percent to 100,096 vehicles, led by a 25 percent decline in exports to North America. Earlier this month, Nissan said it will cut domestic production by an additional 72,000 vehicles by March and slash the number of contract workers to 500 in January from 2,000 in October.
Honda Motor Co, Japan's second-largest carmaker, will cut output by 40,000 vehicles at a plant in Saitama prefecture that makes Accord sedans. Honda's Japan output rose 4.6 percent to 126,134 vehicles as exports to Europe more than doubled while shipments to the US tanked 30 percent.
Japan production at Suzuki Motor Corp, the country's second-largest minicar maker, fell 3.3 percent to 108,385 vehicles on a 14 percent drop in exports, led by declines to North America and Europe.
Mazda Motor Corp, which exports about 85 percent of its domestic production, said Japan output rose 2 percent to 95,177 vehicles as exports to emerging markets surged 44 percent. Shipments to North America dropped 17 percent.
Mazda this week said it will halt production at two plants in Yamaguchi prefecture for two days in December as part of its plan to reduce output by 73,000 vehicles in the second half of the fiscal year.
Mitsubishi Motors Corp, maker of the Outlander sport-utility vehicle and Eclipse sports car, said it is cutting 1,100 temporary jobs in Japan by the end of the fiscal year as it reduces its global production plan by 110,000 vehicles in the period.
