Toyota Motor Corp., the world’s largest automaker, announced its decision to reduce production in its plants in North America in order to deal with with what it called the worst automotive slump in decades.

The Japanese car manufacturer will cut production days in April, will reduce pay hours for workers, will eliminate executive bonuses and cut executive pay and will offer a "voluntary exit" to employees who want to get a job elsewhere, the company said in an e-mailed statement yesterday. Bonuses for about 3,000 executives and salaried workers will be cut.

The Japanese car manufacturer has recorded its first operating loss in 71 years. Last year it managed to pass General Motors as the world’s largest automaker. Toyota’s sales in the U.S. dropped 32 percent in January. Company officials also said it will reduce output at its plants in the U.S., Canada and Mexico.

North America is Toyota’s largest market. The Japanese car maker managed to sell 521,000 vehicles in the October-December quarter, while selling 465,000 in Japan over the same period.

Toyota forecasted the sales will drop to 2.07 million units during the current fiscal year which ends March 31. Last fiscal year, Toyota sold 2.96 million units.

Toyota Motor Engineering & Manufacturing North America Inc. made its 25,000 workers an offer to leave the company: 10 weeks of pay, two weeks of additional pay for every year of service and $20,000. However, the company doesn’t expect a significant number of workers to take the “voluntary exit” offer.