Toyota Job Layoffs : Toyota heading for massive job layoff?

Toyota overtook GM as the worlds largest auto maker in 2008. Despite this, the bleak future of auto industry will probably force Toyota to make a massive job layoff. By massive I mean atleast 10% of the total workforce. This number is a pure guess based on seeing the job layoff announcements by auto industries so far. The majority of job layoffs are likely to be related to operations of Toyota based in North America and UK.

Continuing job layoffs, increasing unemployment numbers all are a great cause of worry. Things are sure going to be much worse in 2009 (not just for the auto industry) than in 2008.

Please not that an official announcement by toyota yet to be made confirming this action. There have also been reports of Toyota refusing to make job cuts, but I believe it is just a matter of time, that job layoffs are announced by all leading auto makers.