Toyota to Close Australian Plant

Toyota Motor Corp. says it will stop making cars in Australia in 2017, following similar announcements by Ford and General Motors to do so in 2016 and 2017, respectively.

Toyota cites "too many factors beyond our control" that make local production unviable.

The company's departure will mean the end of the Australia's auto industry, which has been in decline for decades. Analysts point to relatively high labor costs, competition from less expensive imports and a strong Australian dollar that makes vehicle exports uneconomical.

GM has said it spends nearly US$3,800 more to build a vehicle in Australia than in any other location in the world.

Last year Australians bought a record 1.14 million new cars. But locally produced models, which peaked at 475,000 units in 1970, accounted for only 10% of the total in 2013, according to the country's Federal Chamber of Automotive Industries.