Toyota Preps UK Cost-Cutting Schedule
text size: A- A+
"We believe the measures we have announced give us a greater opportunity to maintain employment through this difficult period," said Toyota in a statement for the press, emphasizing the company's efforts to cope with the economic chaos.
This isn't the first cost-cutting move made by Toyota in the United Kingdom as it announced in mid-February that it plans to freeze salaries and suspend managed bonuses at all its plants. Toyota also established a new voluntary severance program for employees working at the two aforementioned facilities but officials figures are not available at this point.
Besides the United Kingdom, Toyota also struggles to save costs in the United States, as the company announced in early February. Reduced production, elimination of overtime, suspension of capital spending plus hiring freeze are only some of the many cost-cutting measures to be applied in this region.
“We’ve taken responsible, step-by-step actions to address this issue in recent months, and we hope the new measures will help us adjust while protecting jobs,” said Jim Wiseman, vice president of external affairs for Toyota Motor Engineering & Manufacturing North America (TEMA). “This philosophy of shared sacrifice is the best approach for us, and hopefully will make us a stronger company in the long term.”
UP NEXT: BMW Will Use CATIA to Develop Its Engines Tip: navigate with ← and →
TOYOTA cars we've tested
all testdrives →