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Companies

TSMC tells execs to park the Mercedes and take a Toyota instead

Apple supplier clamps down on costs, anticipating a tougher 2019

TSMC is rolling back costs like executive cars as it faces a slowdown in demand for smartphone chips.   © Reuters

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker and a major Apple supplier, has downgraded executive cars and cut business travel in a belt-tightening campaign meant to prepare for a difficult 2019.

The Taiwanese company has told its vice presidents to swap their lease cars from the luxury of Mercedes-Benz to midsize Toyota Camrys, the Nikkei Asian Review has learned.

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