Toyota Trims Mid-Year Bonuses in Japan

Toyota Motor Co. plans to lower summer bonuses paid to managers and hourly workers by 4%-5% and 10%, respectively, this year, The Nikkei says.

Toyota reported its revenue for the fiscal year ended March 31 reached a record 30.2 trillion yen ($279 billion). The company also anticipates its operating profit will grow 3% in the current fiscal year to 2.6 trillion yen ($23.5 billion).

But The Nikkei says the company is trying to instill a sense of urgency among its middle ranks about the impact of growing competition in electrification and autonomous vehicle technology.