toyota motor corp. (NYSE: TM)

Toyota Motor Corp. (NYSE: TM) CFO Encourages Global Production Shift as Profits Tumble

Toyota Motor Corp. (NYSE: TM) reported a staggering 77% decline in quarterly profits this month due to production disruption from the Japan earthquake and a strengthening yen. Many now wonder if the automaker can maintain its strong manufacturing presence in Japan without losing too much in profit.

Chief Financial Officer Satoshi Ozawa said at a news conference yesterday (Wednesday) that he will advise Toyota President Akio Toyoda on the need to rebalance the company's domestic and overseas production. Toyota makes 45% of its vehicles in Japan.

Toyota has "reached the limits of our ability to manufacture in Japan," said Ozawa. "We have done as much as we can do as a single company."

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