Japanese auto groups to create fund to survive virus pandemic

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Toyoda said the industry is considering creating a fund carmakers can use to help retain technology and workers after lockdowns.

TOKYO: Toyota president Akio Toyoda said Japan’s auto industry is banding together to avoid"fatal injury” as the coronavirus pandemic slams demand for cars and stymies production.

"Japan’s auto industry needs to avoid fatal injury and to avoid using up extra energy now,” Toyoda said in an online press briefing today. Losing essential technologies and skilled workers could kill the industry, he said. Automakers around the world have been laying off some workers as car buyers delay purchases and some production lines grind to a halt.

 

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