Toyota plans to slash costs

Carmaker Toyota plans to cut auto parts procurement costs by around 30 per cent over three years to help it regain profitability, according to Japanese reports yesterday. 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 Asahi daily said. The Nikkei business daily also said Toyota plans to switch to less expensive materials and parts. Toyota, which has forecast its second straight annual operating loss, plans to overhaul its car designs to help cut down on costs, the two newspapers said.