Toyota is the latest car manufacturer looking at cutting its workforce. The Japanese car marque says it is considering axing some permanent employees in the UK and USA amid rapidly declining sales.
The news comes just days after the manufacturer was named the world’s largest auto maker, overtaking General Motors.
Toyota says it is looking to cut production as the global financial crisis sees sales rapidly declining. The company is expected to unveil its first annual operating loss in March and saw its December sales fall by 37%.
In a statement, Toyota says: “No decisions have been finalised. However, current business conditions mean we are considering reductions of Toyota team members.”
Toyota has already axed some temporary and contract staff roles, but this will be the first time permanent employees will lose their positions. Decisions on job reductions and possible pay cuts could be made as early as next week.
Earlier this month the company named Akio Toyoda, the grandson of the company’s founder, as its new president.