Toyota Australia will cease its local production at the end of 2017. Toyota officials addressed workers this afternoon with more than 2500 staff expected to lose their jobs. Further job losses will follow in related component and parts making industries.
Toyota Australia currently makes the Camry, Camry Hybrid and Aurion models at its Altona factory in Melbourne.
The news was broken by the ABC and has since been confirmed in an official press release from Toyota Australia.
Toyota Australia President and CEO, Max Yasuda, said: “This is devastating news for all of our employees who have dedicated their lives to the company during the past 50 years.
“We did everything that we could to transform our business, but the reality is that there are too many factors beyond our control that make it unviable to build cars in Australia.
“Although the company has made profits in the past, our manufacturing operations have continued to be loss making despite our best efforts.”
Last December Holden announced it would close its local manufacturing operations in 2017. Ford Australia lead the charge off shore in May last year when it too confirmed its withdrawal from local production.
It was only a matter of time until Toyota followed suit, with the Australian car buying public continuing to show a thirst for imported models.