Toyota Venezuela exports parts to offset economic crisis

Toyota's Venezuela unit has started exporting locally made car parts to generate hard currency income and help it withstand the OPEC country's economic crisis, a media report said. What was once South America's third-largest automotive industry has taken a hit as stagnation in oil production and a complex currency control system stop private businesses' access to foreign currencies and ability to import supplies, Reuters reported. Toyota's factory, and other automakers' assembly plants have had to reduce production due to a lack of components due to a shortage of dollars that has all but cut off imports. More…