Toyota Motor Corp (7203) said earlier this week it would close its facility in the Brazilian city of Sao Bernardo do Campo and move vehicle production to its other manufacturing sites in the state of Sao Paulo.
According to Toyota, the move is part of its plan “to become more competitive when facing the challenges of the Brazilian market and the sustainability of its business in the country.”
The closure will be implemented gradually, starting in December 2022 and expected to be completed in November 2023, the Japanese auto maker said.
Established in 1962 and being Toyota’s first plant ever outside Japan, the facility in Sao Bernardo do Campo employs nearly 550 people. Toyota said that they would be offered a transfer to other facilities in the area.
The shares of Toyota Motor Corp closed lower for a second consecutive trading session in Tokyo on Thursday. The stock went down 0.91% (JPY 20.0) to JPY 2,170.0, after touching an intraday low at JPY 2,132.5. The latter has been a price level not seen since March 23rd (JPY 2,090.5).
The shares of Toyota Motor Corp have risen 3.06% so far in 2022 compared with a 6.61% loss for the benchmark index, Nikkei 225 (N225).
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