Toyota Shares Drop After Trump Threat On Mexico Plant
Muhammad Rameez 4 years ago Fri 06th January 2017 | 10:00 AM
TOKYO, Jan 6, (UrduPoint / Pakistan Point News - 06th Jan, 2017 ) - Toyota shares dropped more than three percent Friday after US President-elect Donald Trump threatened the carmaker with import taxes over a new vehicle plant in Mexico.
Shares in the Japanese automaker fell as much as 3.11 percent after the opening bell before paring losses to move 2.21 percent lower at 6,893 Yen after the first half hour of trade. Other automakers also sagged, with Nissan declining 2.08 percent to 1,174.5 yen and Honda down 2.01 percent to 3,497 yen.
The US Currency stood at 115.47 yen on Friday morning, compared with 115.89 yen in Tokyo on Thursday and sharply lower from 118.12 yen seen in Tokyo on Wednesday. In a statement issued after the tweet, the company said it looked forward to "collaborating with the Trump administration" to serve consumer and industry interests.
"Production volume or employment in the US will not decrease as a result of our new plant in Guanajuato, Mexico announced in April 2015," it said. The company employs 136,000 Americans and maintains 10 manufacturing facilities in the United States.