Business Environment / Venezuela
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Currency Controls Force Toyota To Halt Production
March 2007 | Industry NewsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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The strict control exercised by Hugo Chávez on national industries is starting to have a direct and detrimental effect on the country's automotive sector. According to press reports, Toyota has been forced to halt production in Venezuela for 15 days from March 1 because the government has not sold it the dollars required to import crucial components. According to company sources, Toyota's output in 2007 will be hit by 2,700 units, or 180 units a day. The company, which is one of Venezuela's biggest car producers, has been planning to make some 27,811 units in