Toyota Motor Corporation will end vehicle and engine production in Australia by the end of 2017 due to an "extremely competitive market" and strong Australian dollar, following recent exits by General Motors and Ford, according to the company.

Toyota Motor Corporation Australia Ltd. (TMCA), a production and sales subsidiary, will cease operation, the automaker has announced.

"We believed that we should continue producing vehicles in Australia, and Toyota and its workforce here made every effort," said Toyota President Akio Toyoda in a statement announcing the decision. "However, various negative factors such as an extremely competitive market and a strong Australian dollar, together with forecasts of a reduction in the total scale of vehicle production in Australia, have forced us to make this painful decision."

Going forward, Toyota will work together with employees, business partners, government, local communities, and others regarding specific measures.

Furthermore, Toyota is considering reducing the scale of the operations of Toyota Technical Center Asia Pacific Australia Pty. Ltd., Toyota's development base in Australia with operations related to Toyota production in Australia.

"TMCA will change into a sales and distribution company, but Toyota's commitment to continue to provide great cars and services to the Australian people — something we have done for 50 years and will do for the next 50 years — will not change," Toyoda said. "Toyota will work hard to continue its contribution to Australia."