[Dems2008] re: passing on wholesale costs to the consumer

Toyota to work with steelmakers to absorb higher costs

By V. Phani Kumar

Last update: 8:20 p.m. EST March 6, 2008

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HONG KONG (MarketWatch) -- Toyota Motor Corp. (JP:7203:

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TM, , ) doesn't intend to increase prices of its vehicles because of a rise in the costs of iron ore and other steel materials, reported the Nikkei business daily Friday, citing senior managing director Atsushi Niimi. Instead, the automobile giant wants to collaborate with steelmakers to absorb higher material costs, using more efficient methods of producing steel sheets, as well as by minimizing steel wastages in car manufacturing. "We have given almost no thought to (price increases) because the future of the markets in Japan and North America is uncertain and sales aren't increasing in western Europe," said Niimi in an interview, according to the report

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