Woodstock, Ontario -- Toyota Motor Corp. will cut sport utility vehicle production at a yet-to-open plant in Woodstock, Ontario, by 50 percent, the Japanese automaker said Friday.
The automaker said it would start one shift of about 1,200 workers instead of two shifts of more than 2,000 when production of the RAV4 compact crossover SUV starts in November.
The company, which initially planned annual production of about 150,000, will now produce 75,000 RAV4 vehicles a year, Toyota said.
"With the weak condition of the overall automotive market in North America, we must continually re-evaluate the situation," Toyota Motor Manufacturing Canada Inc. President Ray Tanguay said in a statement.
"Our eventual plan to operate two shifts at Woodstock, producing 150,000
vehicles per year, has not changed," he said.
The company will increase production "as soon as conditions permit," he said.
Disclaimer: The views and investment tips expressed by investment experts on themoneytimes.com are their own, and not that of the website or its management. TheMoneyTimes advises users to check with certified experts before taking any investment decision.
Recent comments
2 days 1 hour ago
2 days 2 hours ago
2 days 2 hours ago
2 days 5 hours ago
3 days 1 hour ago
3 days 8 hours ago
3 days 8 hours ago
3 days 11 hours ago
3 days 11 hours ago
4 days 5 hours ago