Toyota Cutting Parts Costs to Balance Books

Media reports say that a troubled Toyota Motor Corp plans to cut auto parts procurement costs by around 30 per cent over three years to help regain profitability. According to a Japanese newspaper Toyota has asked its suppliers to cut prices of some parts by 30-40 per cent for cars that will hit the market by 2013. The Nikkei business daily also said Toyota plans to switch to less expensive materials and parts.