Toyota help SE Asia plants

Toyota help SE Asia plants

TOKYO (Nikkei): Toyota Motor Corp has unveiled plans to provide financial support for companies in Southeast Asia that supply its local factories with auto parts, the Nihon Keizai Shimbun reports in its Wednesday morning edition.

Toyota will shoulder the cost of purchasing materials the suppliers need to make electrical devices, pressed parts and other components used in the assembly of Toyota vehicles in Thailand, Indonesia and the Philippines.

Auto production has plunged in Southeast Asia due to the regional economic slowdown. In addition, many local financial institutions are finding it difficult to provide autoparts suppliers with letters of credit.