Auto giant Toyota Motor Corp has decided to stop the construction of its new factories for the next three years. The recent move has been taken due to the shift in the policy of building new plants, which it did almost annually.
Toyota now aims to regain the top spot in the global auto market. The company will be concentrating on capital investments on existing factories and its new business policy are expected to come to an end by the 2015 financial year.
The new policy has been put in place so as to build new factories apart from those which have already been announced. However, the policy has not yet been made official and an announcement will be made by the company in a new management plan, which will be released in the upcoming months.
Reports have also said that the company wants to increase its efficiency and cut costs. Toyota is considered to be Japan’s largest auto maker and at present it has around 50 overseas plants. The company also has just under 30 domestic plants. Toyota, in the month of December 2012, said that it had sold an estimated 9.7 million vehicles in the year 2012 . The recent figure has put the company ahead of General Motors and Volkswagen as the world’s biggest automaker. In 2013, the company is expected to sell an estimated 9.11 million vehicles.