Toyota has decided to cut production by 20% at its French factory from January through March, the Nikkei business daily has reported.

No source was cited in the report which said the company will reduce production to around 50,000 units a month at the Valenciennes facility from 65,000 units at present, through steps such as increasing the number of holidays.

The plans follow production cuts by the company in the US, UK and Turkey.

The company plans to release about 18 new models next year, including some vehicles that will be remodeled, and had been considering production cuts for existing models, the report added.

Toyota shares are under pressure as the company’s prospects for next year deteriorate.

Toyota has had its credit ratings cut for the first time in a decade, hitting its shares and raising borrowing costs.
Fitch Ratings on Wednesday downgraded Toyota’s long-term foreign and local debt ratings to AA from AAA, with a negative outlook, saying the company needed to review its global investments, product mix and speed of expansion to address the challenges it faces.