Toyota Puts New U.S. Plant on Hold

Excert from The Wall Street Journal
December 15, 2008
By Kate Linebaugh
Detroit -- Toyota Motor Corp. said Monday it is suspending preparations of its newest U.S. plant in Mississippi, citing the steep decline in the auto market.
The company said it would complete construction of the building but would hold off on installing equipment, delaying the start of production that was slated for 2010. "Due to the uncertainty of the market, it is impossible to say at this time when production will begin," the company said.
The decision was reached at a meeting in Japan and is part of the company's efforts to adjust production to match sales. Toyota has already extended non-production days at its U.S. factories in a bid to align supply and demand, after the company's sales in the U.S. fell 34% in November from the same month a year before.