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Toyota plans to ask its suppliers to cut prices, report says

TOKYO (Bloomberg) — Toyota Motor plans to ask suppliers to cut prices for the first time in about a year in an effort to boost competitiveness, Nikkei reported.

in Automotive News Europe, 20-08-2015

The company has already started talking to suppliers and is proposing cuts ranging from 0.5 percent to slightly less than 1 percent for the six months starting October, the Japanese business paper said, without saying where it got the information.

Toyota, which is forecasting a record operating profit for the year ending March 2016, refrained from asking for price cuts in the second half of fiscal 2014 two previous negotiation rounds to help parts makers cushion the impact of rising wages and raw material costs, Nikkei said.

A recent drop in raw material prices has increased suppliers’ ability to cut prices, it said.

Separately, Nikkei reported Toyota’s steel-sheet suppliers have agreed to cut prices for the April-September period by about 6 percent, or 6,000 yen ($48) a ton, from six months earlier, as prices for iron ore and coal declined. Atsuko Watanabe, a Toyota spokeswoman, declined to comment on the Nikkei reports.


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