Toyota
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December 2008 to forecast its first annual loss in 70 years. In January 2009 it announced the closure of all of its Japanese plants for 11 days to reduce output and stocks of unsold vehicles. Early in 2009, media sources reported that Akio Toyoda, grandson of the founder, will be promoted in June from vice-president to the position of President, replacing Katsuaki Watanabe. Akio Toyoda became the new president and CEO of the company on June 23, 2009 by replacing Katsuaki Watanabe who became the new vice chairman by replacing Katsuhiro Nakagawa. Toyota has factories in most parts of the world, manufacturing or assembling vehicles for local markets. Toyota has manufacturing or assembly plants in Japan, Australia, India, Sri Lanka, Canada,
Worldwide presence
Indonesia, Poland, South Africa, Turkey, Colombia, the United Kingdom, the United States, UAE, France, Brazil, Portugal, and more recently, Argentina, Czech Republic, Mexico, Malaysia, Thailand, Pakistan, Egypt, China, Vietnam, Venezuela, the Philippines, and Russia. Toyota's Net Revenue by Geographical Regions for the Year Ended 31 March 2007 In 2002, Toyota initiated the "Innovative International Multi-purpose vehicle" project (IMV) to optimize global manufacturing and supply systems for pickup trucks and multipurpose vehicles, and to satisfy market demand in more than 140 countries worldwide. IMV called for diesel engines to be made in Thailand, gasoline engines in Indonesia and manual transmissions in the Philippines, for supply to the countries charged with vehicle production. For vehicle assembly, Toyota would use plants in Thailand, Indonesia, Argentina, South Africa and Pakistan. These four main IMV production and export bases supply Asia, Europe, Africa, Oceania, Latin America and the Middle East with three IMV vehicles: The Toyota Hilux (Vigo), the Fortuner, and the Toyota Innova. Toyota Motor North America headquarters is located in New York City and operates at a holding company level in North America. Its manufacturing headquarters is located in Hebron, Kentucky, and is known as Toyota Motor Engineering & Manufacturing North America, or TEMA. Toyota Canada Inc. has been in production in Canada since 1983 with an aluminium wheel plant in Delta, British Columbia which currently employs a workforce of roughly 260. Its first vehicle assembly plant, in Cambridge, Ontario since