The prospects for the car industry

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Almost every carmaker has a similar plan. Toyota, the world's biggest and most profitable, expects its first-ever operating loss in the financial year that ends in March. It said on January 6th that it would cease production for 11 days in February and March at all 12 of its factories in Japan, and that it would sack half its temporary workers and negotiate wage cuts with permanent staff. It had already decided to halt work for three days this month and to reduce output by 27%. GM and Ford have cut back by a similar amount.

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