InsideJapan News Network
Friday,
27th
February
2009
In Business In Japan,
In Business In Japan,
Carmakers report sharp 'drop' in production
Japan's big three car manufacturers have reported a sharp drop in vehicle production yesterday.
Last year, sales of new cars in the country fell to their lowest level for more than three decades.
Just over three million vehicles were sold in 2008, down from a peak of nearly six million in 1990.
Toyota, the world's biggest carmaker, revealed a 39.1 per cent drop in production.
Meanwhile, Nissan reported that global production has fallen by around 54 per cent and Honda announced a 33.5 per cent drop.
Honda, Japan's second-biggest car manufacturer, said that key exports to the US fell by around 62 per cent in January compared to the same time last year.
Meanwhile, Nissan's exports dropped by almost one-third (31 per cent).
In related economic news, the Japanese yen fell to a three-month low against the dollar in Forex trading yesterday (February 26th).
Last year, sales of new cars in the country fell to their lowest level for more than three decades.
Just over three million vehicles were sold in 2008, down from a peak of nearly six million in 1990.
Toyota, the world's biggest carmaker, revealed a 39.1 per cent drop in production.
Meanwhile, Nissan reported that global production has fallen by around 54 per cent and Honda announced a 33.5 per cent drop.
Honda, Japan's second-biggest car manufacturer, said that key exports to the US fell by around 62 per cent in January compared to the same time last year.
Meanwhile, Nissan's exports dropped by almost one-third (31 per cent).
In related economic news, the Japanese yen fell to a three-month low against the dollar in Forex trading yesterday (February 26th).
InsideJapan Says:
The economic down turn has had a dramatic impact on Japan's biggest export industry - cars. It is not just in the UK and USA that factories have been mothballed; Japanese workers have been left short of hours with the huge drop in demand both domestically and overseas. However, hopefully for the Japanese economy the large investment all Japanese automobile manufacturers have made in developing green models for the future will help them bounce back even stronger when the world economy turns round.
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