TOYOTA has confirmed they will stop making cars in Australia by the end of 2017.
Company President and CEO Max Yasuda made the disappointing announcement to staff in Melbourne on Monday afternoon, blaming the decision on the high Australian dollar among many other things.
“This is devastating news for all of our employees who have dedicated their lives to the company during the past 50 years,” Mr Yasuda said in a statement.
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“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.”
Over the last 10 years, the company is reported to have lost an estimated $1.75 billion.
News.com.au reports the decision will leave up to 50,000 workers in supporting industries out of a job, in addition to the 2500 at Toyota.
The decision spells the end of the auto manufacturing industry in Australia, following the recent moves by car making giants Ford and Holden to also shut up shop.