Toyota to halt all plants in Europe due to coronavirus

Toyota Motor Corp. said Monday it will temporarily halt work at all plants in Europe and Russia in an effort to combat the spread of the novel coronavirus.

Toyota will suspend its plant in Russia for five days starting Monday. It said vehicle and parts factories that have seen operations suspended in six other nations including Britain and Turkey are likely to be halted at least until April 19.

In 2019, the world’s second-largest automaker by volume manufactured around 780,000 units in Europe, up 0.4 percent from a year before.

The auto giant has also halted output in the United States, Mexico and Canada through April 17 and will stop some production in Japan starting Friday due to sluggish demand.

In China, meanwhile, the automaker has brought production at all of its four auto plants back to normal levels.

The global pandemic is weighing on Toyota and other Japanese vehicle manufacturers as they suspend production around the world. Moody’s Investors Service cut the ratings of major automakers, including Toyota. The company is also said to be seeking a ¥1 trillion ($9 billion) line of credit from Japanese banks.

Toyota has also extended suspension periods in Brazil and Malaysia, and will stop three plants in Thailand for about 10 days.

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Source: https://www.japantimes.co.jp/news/2020/03/30/business/corporate-business/toyota-halt-europe-covid-19/