Japan auto industry seeks to avoid suspending operations, but worker safety priority By Reuters

© Reuters.

TOKYO (Reuters) – Japan’s car industry will try to avoid suspending operations during the coronavirus pandemic, but worker safety takes priority, said its automakers’ association, adding the industry was considering financial support for struggling firms.

Japanese carmakers have suspended some production operations at home, while most of their plants abroad have been shut as demand for cars has slumped and lockdowns and “shelter at home” orders have kept plant employees away from work.

“So long as there is demand, and it is safe for workers to work, we would like to see the country’s plants remain in operation,” Akio Toyoda, chairman of the Japan Automotive Manufacturers’ Association, told a media conference.

He added that the Japanese auto industry should preserve as many jobs as possible to ensure that automakers and their suppliers would be prepared to resume full operation for an eventual recovery from the virus outbreak.

Toyoda, who also serves as president of Toyota Motor Corp (T:), said that automakers along with vehicle components, autobody and machine tools makers were considering setting up a fund to offer financial support to struggling companies.

Like their global rivals, Japanese automakers are struggling to contain the impact of the virus, preserving cash where they can and seeking additional funding.

Toyota and Nissan Motor Co (T:) have tapped their lenders for additional credit lines, sources from both companies have told Reuters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.