Toyota Motor Corp., the Japanese multinational automotive manufacturer employing more than 350,000 workers across the globe, said on Friday, the 17th of January 2020, that the No. 1 automaker in Asia would soon move its production line of mid-sized Tacoma pickup trucks to Mexico from the United States citing the company was looking to adjust its supply chain around the North America which industry analysts had pointed out a move to curb expenses amid a steep downturn in sales of the autos across the globe.
Aside from that, latest announcement from the Japanese automaker, Toyota Motor Corp., the tenth-largest company in the world by revenue, was brought in to light a day after the US Senate had approved a revamped version of USMCA deal to replace a 26-year-old NAFTA (North American Free Trade Agreement), while Toyota’s shift of production line from United States to Mexico seemed to be a cost-slashing approach amid a lucrative and cheaper workforce in Mexico.
On top of that, the No. 1 automaker in Japan had also added in its Friday’s (January 17th) statement that it would end production of its Toyota Sequoia in Indiana by 2022 in order to focus more on to mid-sized SUVs (Sports Utility Vehicles) alongside minivans over the narratives of a sluggish demand of passenger cars.
Meanwhile, adding that the move was made to improve the Japanese carmaker’s competitiveness in the North American market, Toyota said on Friday (January 17th), “…product moves were to improve the operational speed, competitiveness and transformation at its North American vehicle assembly plants based on platforms and common architectures. ”