Accordingly, the affected workers are expected to lose their jobs from April, with most positions to go at the company’s plant at Altona in Melbourne.
Toyota Australia President and CEO, Max Yasuda, said “Toyota Australia is facing severe operating conditions resulting in unsustainable financial returns due to factors including the strong Australian currency, reduced cost competitiveness and volume decline, especially in export markets”.
"In consideration of current and anticipated market conditions this action is necessary. It is not possible to maintain our workforce at its current size," he added.
Mr Yasuda said the company’s vehicle manufacturing production levels had reduced from 149,000 in 2007, to 94,000 in 2011, and an expected 95,000 cars in 2012.
"The reality is that our volumes are down. What we assumed was a temporary circumstance has turned into a permanent situation. This drop of 36% in just four years shows the scale of our challenges," he said.
However, the Japanese carmaker stated that it continues to be committed to the Australian market and has plans to open a new plant to manufacture four cylinder and hybrid engines at Altona later this year.
