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Toyota Idles Plants – Zacks Tale of the Tape

Source: http://www.zacks.com/stock/news/16666/Toyota+Idles+Plants+-+Zacks+Tale+of+the+Tape
 Posted on Tuesday, January 6th, 2009 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -

Toyota Motor Corp. (TM) said it would halt all production in Japan for 11 days to reduce buildup of inventory in the face of plunging demand. The world’s largest automaker’s sales fell 37% last month, forcing it to forecast its first annual loss in 70 years.

The suspension, which will affect production at all of the company’s 12 Japan-based plants, is expected to end in February or March. The company’s new announcement adds to a three-day shutdown earlier this month.

Battered American rivals like General Motors (GM) and Ford (F) have also idled plants across North America in response to the slump in auto sales in a weak economy.

Toyota shares were up more than 1% at $66.30 at noon on the New York Stock Exchange.

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