Toyota Motor Corp plans to cut auto parts procurement costs by around 30 percent over three years to help it regain profitability, media said on Tuesday.
Toyota has asked its suppliers to cut prices of some parts by 30-40 percent for cars that will hit the market by 2013, the Asahi daily said. The Nikkei business daily also said Toyota plans to switch to less expensive materials and parts.
Toyota, which has forecast its second straight annual operating loss, plans to overhaul its car designs to help cut down on costs, the two newspapers said.
