Toyota Denies Reports of Full China Retreat10-18 17:30 Caijing
Japan car maker Toyota denied reports that it is poised to retreat completely from Chinese market after a territorial dispute dampened Japanese car sales in China amid anti-Japan sentiment.
The Nikkei newspaper reported Tuesday that the company had decided to close part of its factories in China, as slumping sales and rising inventory weighed in on the company.
Toyota said it would continue to operate in China despite the economic fallout, while some of its Chinese joint venture will shift production based on market conditions.
Toyota was reportedly cutting production targets by 200,000 units this year, from 10.05 million.
For more in Chinese: http://auto.caijing.com.cn/2012-10-18/112204288.html
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