Toyota will stop exporting its Camry sedan to North America and fully shift to local production.
A Toyota spokesman confirmed the move to news agency AFP as the redesigned Camry went on sale as a hybrid-only line across Japan.
Go deeper with GlobalData
The spokesman refused to say if the long-anticipated move was an effort to grapple with the strengthening yen, which has seen Japan’s biggest automakers shift more production overseas to maintain competitiveness.
“Production of the Camry was mainly carried out overseas anyway and Japan’s exports were only meant to fill the gap between local production and local sales”, the spokesman said.
Exports of the Camry from Japan have been steadily falling in recent years. In 2008 Toyota exported 8,200 Camry units from Japan to North America, but this fell to 3,200 in 2010, when global Camry sales exceeded 690,000. The automaker has exported just 20 units since the beginning of this year.
The Camry is built in numerous plants outside Japan, including two in the US, plus Australia, China and Russia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe yen is hovering near a post-war high against the dollar, pushed up by safe haven demand as risk-averse investors seek a refuge from markets roiled by worries over the health of the US and European economies.
The nation’s new finance minister Jun Azumi said on Monday that the yen’s recent strength is not economically justified, and makes life difficult for Japan’s exporters.
