"We are saddened to learn of GM Holden's decision," a Toyota statement began.
"We will now work with our suppliers, key stakeholders and the government to determine our next steps and whether we can continue operating as the sole vehicle manufacturer in Australia.
"We will continue with our transformation journey as planned".
Toyota media affairs and communications manager Beck Angel clarified that the "transformation journey" refers to the aim to drastically reduce the per-car production cost of vehicles produced at the company's Altona, Victoria, manufacturing facility, and the aim to win the bid for the next generation Camry, a decision of which will be made by mid next year.
Speaking at last month's Tokyo motor show, Toyota Australia sales and managing director Tony Cramb told CarAdvice that "if Holden were to leave it would be very difficult [to achieve the $3800 reduction].
“I’m not saying it’s impossible, I’m just saying it makes it far more difficult.
“If Holden goes … it would be more difficult for suppliers to do that [reduce costs]."
Toyota loses money on every Camry it exports primarily due to the strong Australian dollar, but Cramb insisted that the decision to build the next generation Camry locally and export it to the Middle East won’t hinge on exchange rates.
“When I was in the United States in 2003/2004 the dollar was at 53 cents, now it’s … whatever it is, 95. They ebb and flow…
“Toyota doesn’t make business decisions based on the exchange rate this year.
“When the decision [to award next Camry to a manufacturing market] gets made by Toyota, they don’t think about it in a short term way, they think about those type of things, they make assumptions based on all of the variables of the business that we’re in".