News Update: Toyota Motor (NYSE:TM) Suspends Production at Two Plants to Offset Recall
In order to offset its round of recalls and avoid ballooning of inventories, Toyota Motor (NYSE:TM) announced that it was idling two plans in the United States. The company said it was suspending production at its truck plant in San Antonio for two weeks and scheduled one day of halted production at its plan in Georgetown Kentucky. In addition, the world’s largest automaker is facing a number of class-action lawsuits, which a law professor told the Financial Times, could wind up costing the carmaker $3.6 billion, based on an average loss of $600 per vehicle. Toyota Motor is trading 1.5% lower Tuesday to $75.95 on the news.
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