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Toyota Motor Corp. (NYSE: TM) (TSE: 7203) dropped sharply to the lowest level since the beginning of the year on Tuesday, after a news appeared that the company cut winter bonuses for about 8,700 managers in Japan as it faced global car sales demand down.
Japan's largest automaker made a decision to lighten a burden as earnings slump and global auto sales decline. The company slashed its profit forecast by 56 percent last month, and its sales have fallen much this year as the automaker cut back on production.
Toyota decided to lower bonuses by about 10 percent. It's the first bonus cut since 1998 when the company introduced a new payment system.
Toyota shares fell 90 points, or 3.06 percent, to 2,855 yen on Tuesday afternoon in Tokyo Stock Exchange.
On the contrary, Toyota was reported that it plans to halt production on lines at two domestic factories for two days in December. It would suspend production on a high-end car, Lexus, amid slow the auto demand in Japan and overseas.
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