AP
July 13, 2011
Toyota is making two group auto-assembly companies in Japan into wholly owned subsidiaries and will start talks on a merger of three group companies in an effort to strengthenJapanese manufacturing.
Toyota Motor Corp. President Akio Toyoda made the announcement Wednesday from Nagoya, central Japan, in a news conference, shown on a screen at the automaker's Tokyo office.
Toyoda believes the moves will help keep auto production in Japan and quicken product development to remain globally competitive despite unfavorable conditions such as the strong yen and a growing power crunch.
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