Toyota Announces Further Production Cuts

Toyota Motor Corp. said yesterday that it is cutting production further in North America as it copes with slumping sales and high inventories.

The beleaguered Japan-based automaker said the cuts will affect its facilities in the next few months and vary by assembly line and model. The cuts are designed to reduce inventory in the second quarter to about half the current supply of 80 to 90 days.

Toyota recently predicted its first annual operating loss in 70 years.