Toyota Australia has confirmed it will cut 350 jobs due to pressures caused by the high Australian dollar.
The company will immediately adjust its workforce at its manufacturing plant in Altona, Victoria, with plans to implement about 350 compulsory redundancies, Toyota said in a prepared statement.
Toyota Australia president and chief executive Max Yasuda said: "It is unfortunate that we have to take this action and we will ensure affected employees are supported during this process.
"In consideration of current and anticipated market conditions this action is necessary," he said. "It is not possible to maintain our workforce at its current size.
"Toyota Australia is facing severe operating conditions resulting in unsustainable financial returns due to factors including the strong Australian currency, reduced cost competitiveness and volume decline, especially in export markets."
Mr Yasuda said the company's vehicle manufacturing production levels had reduced from 149,000 in 2007, to 94,000 in 2011, and an expected 95,000 cars in 2012.
"The reality is that our volumes are down. What we assumed was a temporary circumstance has turned into a permanent situation," he said.
"This drop of 36 per cent in just four years shows the scale of our challenges."