Toyota is planning to cut Japanese production over the next five years by approximately 700,000 units (from 3.9 to 3.2 million) or close to 20% and move it into countries that would provide significantly cheaper labor, according to a report from Bloomberg.
The Japanese automaker will begin by closing down a production line at its Takaoka plant in Toyota City, Japan, where it is based, from the current fiscal quarter through the second half of calendar year 2011. The report says that this move will trim down the firm's domestic output by approximately 220,000 vehicles."