Wednesday, August 6, 2008

World auto market slump - Even Toyota couldn't be spared



Lexus, the luxury marque under Toyota had cut off 800 workers from it's Japanese plant yesterday. Stating that all are temporary workers working under a conditional contract. Toyota had stated that over the months 500 of them would be able to continue working for the group again. This move had irked many Japanese as traditionally companies in Japan approached employees with a very top-down, loyal structure.

Toyota's July close with a daily sales rate drop of 18%, Lexus with a higher 25% drop.