Borneo Motors, a key distributor for Toyota and Lexus in Singapore, has initiated a restructuring exercise that includes laying off workers.
Affected employees were notified on July 30, which also served as their last working day, according to Channel NewsAsia.
The move by the distributor highlights the operational pressures rippling through Toyota’s ecosystem.
The Japanese automaker is on track to report a fifth consecutive quarterly decline in operating profit this week, as it contends with weakening vehicle sales and rising costs globally.
This slump marks a significant shift for the world’s largest automaker, which has previously relied on strong demand in key markets to offset broader economic headwinds.
While Borneo Motors’ specific headcount reduction is a localized event, it reflects the broader industry trend of cost-cutting and restructuring.