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"Toyota said Monday that it will close its factories in Australia by the end of 2017, a move that will cost thousands of jobs and leave the country without a major automobile manufacturer.
Toyota attributed the decision to the strength of the Australian dollar and high production costs in what the company described as one of the "most open and fragmented automotive markets in the world."
A strong Aussie dollar makes imports cheaper, and makes it difficult for manufacturers to export cars to overseas markets."
Toyota exit heralds end of Australia's auto industry (ktuu.com)
And Toyota is in the down column for January, with all the domestics, while Subaru is up 19%.
Although actually the Australian news is attributed to inevitability after GM and Ford got out, not Toyota hitting another rough patch. 2500 people are losing their jobs. :-(
2013 Civic SI, 2009 Outback Sport 5-spd (stick)
Profits are up. But so are recalls. Here's the latest:
"Toyota Motor Corp. will recall 1.9 million of its flagship Prius hybrid vehicles to fix faulty software in the hybrid system.
The number of the company's flagship hybrids to be recalled is the largest ever for the model, far outstripping the 397,000 recalled world-wide in February 2010. The Prius first went into production in 1997.
The setback comes after Toyota said last week it expects a record profit for the current business year."
Toyota To Recall 1.9 Million Prius Hybrids (marketwatch.com)
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