As Isuzu Motors and Mazda Motor became the latest manufacturers to announce downsizing to cope with the financial crisis, Japan's automobile industry is to lose another 2,700 jobs. Isuzu said it would axe 1,400 domestic posts and slash domestic production by 10% from an earlier target.
"With the way things are, we had no choice but to make adjustments," said a spokeswoman for Japan's second-biggest truckmaker.
Mazda, Japan's fifth largest carmaker, said it would scrap 1,300 jobs. The group has lowered its production target for this financial year to 1.048 million vehicles, 48,000 units fewer than originally planned.
The layoffs are the latest in a series of job and production cuts by Japanese automakers and their foreign rivals as the worst financial crisis in decades drives down demand. Toyota Motor Corp. said on Nov. 19 it would stop production at all of its U.S. and Canadian plants for an additional two days next month due to sluggish sales.
Nissan Motor has decided to cut production and axe 3,500 jobs worldwide.
Copyright Agence France-Presse, 2008