Japan Auto Industry Eyes Fund to Help Virus Crisis-Hit Firms

Economy

Tokyo, April 10 (Jiji Press)--Japan's auto industry organizations are considering creating a fund to help struggling member companies amid the novel coronavirus crisis, Japan Automobile Manufacturers Association Chairman Akio Toyoda said Friday.

At an online press conference by JAMA and three other organizations, Toyoda, also Toyota Motor Corp. <7203> president, disclosed that under discussion is a mutual support system in which healthy automaker groups help ailing peers.

Noting that the envisaged fund will be sizable, Toyoda stressed, "We're determined to protect firms including small businesses involved in vehicle manufacturing by preventing the loss of technologies and human resources indispensable not only for individual companies but for the entire industry."

He also revealed a plan to make some 3,000 empty rooms at dormitories of JAMA member companies available for coronavirus patients showing no or minor symptoms.

At the telepress conference, Toyoda was joined by the heads of the Japan Auto Parts Industries Association, the Japan Auto-Body Industries Association and the Japan Automotive Machinery and Tool Manufacturers Association.

[Copyright The Jiji Press, Ltd.]

Jiji Press