Toyota has decided to delay the opening of its $1.3 billion plant near Tupelo, Mississippi by several months from early 2010 to mid 2010 due to the slowing economy, a sluggish SUV market, and the weak dollar, reports the Associated Press. The plant is expected to build about 150,000 Highlander crossovers a year.
Toyota's U.S. sales have decreased in seven of the last nine months, prompting the automaker's announcement last week that it believes its annual sales and profits will decline in 2008 for the first time in years. The last time Toyota saw a yearly decline in sales was nine years ago, with the last drop in profits coming seven years ago.
Source: AP