Toyota Motor Corp. denies press reports that it intends to withdraw from China, the world's biggest auto market, according to Chinese media. Tensions had been increasing due to the territorial dispute between China and Japan. But it’s somewhat daunting that Toyota is considering leaving the country. There are rumors of political pressure. It’s not clear who the original source is of these so-called reports. According to Japanese media, Toyota is reducing its annual sales target due to declining sales in China. But Toyota hasn’t come out to say anything about leaving the market entirely. The Chinese government-backed China Daily fueled speculations by reporting that "Toyota denies withdrawing from China." The China Daily's report also said that Toyota junked media reports that it will pull out from the Chinese market and close production facilities in the country. Toyota has officially denied the report. The Chinese government had shot down anti-Japanese protests very effectively so there may be pressure on the local press coverage of the Japanese automakers in the country too. Since the riots are related to the territorial conflict, Toyota’s sales in China have fallen significantly.
Toyota denies reports that it intends to withdraw from China
by Andrew Christian, Email, 24 Oct, 2012
