By Kanoko Matsuyama
Dec. 14 (Bloomberg) -- Toyota Motor Corp. will delay investment in boosting capacity at its overseas factories as declining sales and a strengthening yen reduce earnings, the Nikkei newspaper reported.
The automaker will freeze investment in a plant in Tianjin, China that makes Crown sedans and delay starting operations at a factory in Changchun until after 2011, the Nikkei reported without saying where it obtained the information.
The company, based in Toyota City, Japan, will also delay making Corolla cars in Brazil and India, the Nikkei said.
“We have been reviewing our new projects including in India, Brazil, China and the U.S., as we announced on Nov. 6,” Hideaki Homma, spokesman for Toyota, said today by telephone when called by Bloomberg. “Nothing has been decided. We will report if there are any changes to plans.”
Toyota has been spending 1.5 trillion yen annually ($16.46 billion) on new facilities worldwide in the past few years, the Nikkei said.
To contact the reporter on this story: Kanoko Matsuyama in Tokyo at at kmatsuyama2@bloomberg.net.
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