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Toyota tightens the screws further

Toyota Motor Corp said on Thursday it was making further production cuts in North America as the beleaguered car maker copes with slumping sales and high inventories. The Japan-based company said the cuts will affect its facilities over the next few months and will vary by assembly line and model.

The production cuts are designed to reduce inventory in the second quarter to about half of the current range of 80 to 90 days.

"In addition to slowing production we are redoubling efforts to cut costs at each of our facilities," Jim Wiseman, vice president of external affairs for Toyota Motor Engineering & Manufacturing North America, said in a statement. "Further actions and sacrifices may be necessary, but we will continue to do everything possible to assure the viability of our plants and protect the long term employment security of our team members."

Toyota recently forecast it would post its first annual operating loss in 70 years.


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