Toyota

  1. Toyota suspends production at Derbyshire factory

    Samantha Noble

    BBC News Online

    Toyota is suspending production at its European factories, including Burnaston in Derbyshire, because of the coronavirus pandemic.

    The car manufacturer said production will be suspended in Derbyshire from today.

    It said "lock down" measures across Europe has created "uncertain short-term sales outlook and difficulties in logistics and supply chains".

    Toyota Burnaston

    However, Toyota added "processes that are important for society, such as the continued provision of service parts for customer vehicles – which can be public safety vehicles – will continue".

    While projects "deemed essential to a smooth re-start and to the future activity of the plants, such as new vehicle projects, will be maintained with necessary staff".

    Toyota said sales operations will be assessed based on each country or region’s situation.

  2. Japan shares slump as Asia reacts to global sell-off

    Pedestrians walk in front of an electric quotation board displaying the numbers on the Nikkei 225 index in Tokyo.

    Shares in Japan fell sharply early Tuesday morning as investors worried about the spread of the coronavirus.

    The slump followed a global stock market plunge on Monday with Wall Street and London suffering big drops.

    Japan's Nikkei 225 index dropped 4.5% when it re-opened following a public holiday on Monday, but has since regained some ground.

    Shares in Toyota Motor Corp were down 2.85%, while Uniqlo's parent company Fast Retailing dropped 4%.

  3. BreakingToyota to halt China production

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    Toyota has just announced that it is halting all China production until 9 February following the outbreak of the coronavirus.

    The car-maker has plants in regions such as the northern city of Tianjin and the southern province of Guangdong.

    It said the closures after the Lunar New Year holidays were in line with transport lockdowns in some places.

    A Toyota spokesperson told Bloomberg: “Given the various factors including the guidelines by the local and region governments and parts supply situation, as of 29 January we have decided to halt operations in our plants in China until 9 February.

    "We will monitor the situation and make further decisions on operations from 10 February."

  4. Toyota profit rises after strong sales

    Toyota cars

    Toyota has posted a rise in operating profit for the second quarter, boosted by higher sales and strength in North America.

    The Japanese carmaker reported operating profit of 662.3bn yen (£4.7bn) for the three months to September, up from 579.1bn yen a year ago.

    That beat analysts forecasts of 592.3 billion yen, according to Reuters.

    The company sold 2.75 million vehicles worldwide during the period, up from 2.18 million units a year ago. Sales in North America - Toyota's biggest market - increased 5.6%.

  5. Toyota and Suzuki in £700m tie-up

    Toyota production line

    Toyota has announced a tie-up worth more than £700m with smaller Japanese rival Suzuki as the two car makers gear up to invest more in driverless car technology.

    It is the latest partnership between rival automakers, which have struggled to achieve the scale they need to make autonomous vehicles the norm.

    Toyota will buy a 5% stake in Suzuki in a deal valued at around 96 billion yen (£743m). In return, Suzuki will buy 48 billion yen (£372m) worth of Toyota shares, which will give it about 0.2% of the company.

    The two companies said in a joint statement they intended to overcome challenges facing the industry by "building and deepening cooperative relationships in new fields while continuing to be competitors".

  6. Japan car sales slump in South Korea as trade row bites

    Toyota cars

    Sales of Japanese cars in South Korea have slumped as Tokyo’s export restrictions on Seoul continue to provoke a consumer backlash.

    Industry data showed Toyota sales plunged 32% from a year earlier, while Honda's sales slid 34%.

    The two countries have been locked in a bitter trade battle that has been building since Tokyo hit Seoul with export curbs last month. It's prompted South Koreans to boycott Japanese goods - from cars to beer and tourist trips.

    Read more

  7. Toyota's net profit drops 25%

    Toyota car

    Toyota has posted a sharp fall in annual net income despite a rise in total vehicle sales.

    Net income fell nearly 25% to 1.8828 trillion yen ($17bn; £13bn) in the year to March 31, the firm said in a statement.

    Toyota said the drop was due to investment losses, and that earnings in the previous year had been boosted by US tax reform.

    Vehicle sales rose by 12,401 units to 8,976,795 units compared to the previous fiscal year.

    Japan's largest automaker forecasts profit will rise to 2.55 trillion yen for the year to March 2020, just below estimates for 2.61 trillion yen forecast by analysts polled by Refinitiv.

  8. Hunt in Japan

    White car

    Talking of Japan, foreign secretary Jeremy Hunt is there today meeting Japanese Prime Minister Shinzo Abe and Toyota representatives.

    He said before the talks began: “The UK has always been an outward-looking, global power. That cannot change after Brexit. I look forward to our relationship with Japan getting even closer in the years after we leave the EU".

    He will reassure Toyota that the UK government is focused on avoiding a no-deal Brexit and on agreeing a deal which that will ensure tariff-free frictionless trade between the EU and the UK.