By RTT News,
February 10, 2014, 03:21:00 AM EDT
(RTTNews.com) - Japanese automaker Toyota Motor Corp. (TYT.L, TM) and Toyota Motor Corporation Australia Ltd. or TMCA, its Australian production and sales unit, have decided to end Toyota vehicle and engine production in Australia by the end of 2017.
Regarding the decision, TMC President Akio Toyoda said: "We believed that we should continue producing vehicles in Australia, and Toyota and its workforce here made every effort. However, various negative factors such as an extremely competitive market and a strong Australian dollar, together with forecasts of a reduction in the total scale of vehicle production in Australia, have forced us to make this painful decision."
Going ahead, Toyota would work together with employees, business partners,
government, local communities and others regarding specific measures. Also, it is considering lowering the scale of the operations of Toyota Technical Center Asia Pacific Australia Pty. Ltd. or TTCAP-AU, Toyota's development base in Australia with operations related to Toyota production in Australia.
In particular, for the TMCA and TTCAP-AU employees who would be affected by this decision, Toyota plans to provide its best support, including employment assistance.
Commenting on the future of Toyota's operations in Australia, TMC President, Akio Toyoda, said: "TMCA will change into a sales and distribution company, but Toyota's commitment to continue to provide great cars and services to the Australian peopleâ€"something we have done for 50 years and will do for the next 50 yearsâ€"will not change."
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