NASHVILLE -- Still refraining from laying off any North American workers, Toyota Motor Corp. said Thursday night that it is freezing wage, reducing hours and a adopting a voluntary exit program.
The new measures, which Toyota dubbed a shared sacrifice philosophy, come as the automaker faces its first financial losses since 1950 and the unfamiliar specter of idle factory lines.
Toyota has gone out of its way to keep its mostly non-union U.S. and Canadian production workers on the clock, even as it has shut down assembly lines.
But a statement released by Toyota Motor Engineering & Manufacturing North America Inc., the companys U.S. manufacturing headquarters, said there is now a strong possibility that it will reduce work and pay at some plants.
Toyota is considering a schedule in which some workers would work 72 hours in a typical 80-hour, two-week period.