Toyota cuts 350 jobs in Australia

CANBERRA (Reuters): Toyota Motor Corp is cutting 350 jobs at its Australian manufacturing operations due to an ongoing downturn in production levels, a rare move from the Japanese auto giant.

“Toyota Australia is facing severe operating conditions resulting in unsustainable financial returns due to factors including the strong Australian currency, reduced cost competitiveness and volume decline, especially in export markets,” Toyota Australia president Max Yasuda said in a statement on Monday.

Toyota’s Australian production levels had dropped 36 percent in four years, from 149,000 in 2007 to an expected 95,000 in 2012, he added.

Toyota Australia employs 4,683 people in Australia.