Toyota to temporarily halt all plants in Europe because of virus | Auto Finance News


A factory in Ovar, Portugal, on Thursday, Dec. 19, 2013. Photographer: Mario Proenca/Bloomberg

Toyota Motor Corp. will temporarily halt production in Russia, extending the automaker’s list of European plant closures beyond countries including France and the U.K. as the coronavirus pandemic intensifies.

The Russia plant will close March 30 to April 3, meaning that all plants in Europe will be shut during the period. Other European factories are scheduled to restart after April 20, the carmaker said in a statement.

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 yen ($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.

— By Shiho Takezawa (Bloomberg)

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Source : AutoFinanceNews