Toyota Downsizing.

Toyota to cut as many as 580,000 jobs globally. With the unemployment crashing globally it would have seemed that Toyota was spared, but word has now come down and they are feeling the pinch just like all other businesses. Toyota is announcing that they are having to shut down some plants due to being hit hard by broader economic woes. Cash for Clunkers in the United States and other like programs globally have not helped. The new CEO Akio Toyoda had vowed to not shut down any plants due to the economic downturn. This is not something he wanted to do or even succumbed to peacefully. There is a line in Japan that will be shut down next spring thru the second half of 2011 as well as a plant in California. There was a new plant in Mississippi that has been halted unfinished. The hopes are that Toyota will emerge from the recession intact and known as a global giant.