Toyota Motor (TM) Shutters N.A. Production as Supplies Dwindle
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Toyota Motor Corp. (NYSE: TM) announced Monday that it will shut down all of the the company's North American factories due to shortages of parts following last month's earthquake and tsunami in Japan, according to a report from Business Insider.
The shutdown is planned to be temporary and will affect roughly 25,000 workers. The length of the shutdown will be determined by how quickly inventories of parts can be restored.
Recently Honda Motor Co. (NYSE: HMC) and Subaru of America said they would cut U.S. assembly operations to conserve parts as well.
Toyota said that it has identified 233 replacement parts made by suppliers that have yet to return to production.
Shares of Toyota are down 2.6 percent in premarket trade Tuesday, to $77.45.
The shutdown is planned to be temporary and will affect roughly 25,000 workers. The length of the shutdown will be determined by how quickly inventories of parts can be restored.
Recently Honda Motor Co. (NYSE: HMC) and Subaru of America said they would cut U.S. assembly operations to conserve parts as well.
Toyota said that it has identified 233 replacement parts made by suppliers that have yet to return to production.
Shares of Toyota are down 2.6 percent in premarket trade Tuesday, to $77.45.
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