Striking Toyota workers in Venezuela have finally reached an agreement with the automaker and will return to work next Monday.

The company lost 21 days of production which means around 2,500 units of the Corolla, Hilux, Fortuner and Daihatsu Terios were not built, a South American correspondent reported.

Toyota has operated in Venezuela since 1958 - just-auto understands this was its first assembly operation outside Japan - but had become so frustrated by the strike, with labour authorities supporting its unionists, it had threatened to shut up shop.

New red tape imposed by the Chavez government have led to the axing of the next Caracas motor show after 18 years. New policies affecting auto importers include new local assembly permit rules and restrictions on the amount of US dollars available to buy CKD kits.