GUANGZHOU -- Toyota Motor has cut 1,000 jobs at its business in China. The slowdown in the world's second-biggest economy has resulted in lackluster sales of new cars, creating more headwinds for automakers.
GAC Toyota, Toyota's subsidiary in China that is also a joint venture with Chinese auto giant Guangzhou Automobile Group, said it terminated the contracts of about 1,000 employees before their expiration date. Toyota explained that the decision was made in light of the "current production situation."
