Toyota slashes North American production through May

Toyota will slash the production schedule at its North American manufacturing plants through June 3 in the wake of continued parts shortages stemming from the March 11 earthquake in Japan.

Originally, Toyota had placed its North American plants on three-days-a-week schedules through April 25th. For the rest of April and May, that schedule will continue, according to a statement released today by the automaker. When the plants are building vehicles, it will be at a 50 percent pace -- meaning the plants are operating at 30 percent of total capacity each week because of the additional two days of idle time.

In addition, Toyota's U.S. production will be suspended the week of May 30, following Memorial Day, while its Canadian operations will be suspended the week of May 23, in conjunction with Victoria Day.

Toyota said no layoffs are planned. The automaker declined to speculate on plant slowdowns after June 3rd.