Car manufacturer
Toyota is to axe bonuses for managers by 10 per cent, and cut
production of luxury
car marque
Lexus . The largest slump in global
car production in the last forty years is hitting Toyota
hard.
The
company, who are the second largest
car manufacturer in the world, will slash bonuses for their
8,700 managerial staff, and stop Lexus production for two days at
the end of the month.
Toyota look to America for approximately 50 per cent of
profits, and early predictions are for a very difficult year in
2009 However, experts claimed that the company should not be
compared to the big three
car makers .
Andrew Phillips was reported in the Guardian as saying: To
compare Toyota,
Nissan and
Honda to
General Motors is ridiculous. GM is burning through cash like
there's no tomorrow, has a very weak balance sheet, but
Japanese companies aren't losing
money yet and have strong balance sheets. You just can't
compare the two. .
