Wednesday, 11th November 2009
In Business In Japan,
Toyota announces dealership closures
Japanese car manufacturer Toyota has announced that it is to close hundreds of car dealerships in the country, local media reports have suggested.
According to various outlets, Kyodo News reported that 300 dealerships across the country will cease to trade over the next three years, out of the total 4,000 branches that Toyota has.
Japan Today noted that car sales in Japan have fallen since the 1990s on the back of a lack of interest in cars from the younger generation.
The Toyota Prius hybrid car topped the best-selling list in Japan for the sixth month in a row in October, but the firm has continued to struggle with much reduced demand and money issues due to the impact of the recession in Japan and the global economic downturn.
After the car was announced as top of the selling list, Toyota posted a revised profit estimation with a better-than-expected income prediction for the business year.
Written by Kimberley Homer.
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