Toyota projects first loss in 70 years

uscitizen

uscitizen

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Toyota projects first loss in 70 years


Dec 22, 4:00 PM (ET)

By YURI KAGEYAMA


NAGOYA, Japan (AP) - Toyota Motor Corp. (TM) said Monday it will report the first operating loss in 70 years, acknowledging that after a decade of rapid growth it can no longer escape the slowdown plaguing the global auto industry. The Japanese auto giant also lowered its global vehicle sales forecast for the second time this year and said it was putting ambitious expansion plans on hold, in large part because of a precipitous drop in demand in the key U.S. market.

"The tough times are hitting us far faster, wider and deeper than expected," Toyota President Katsuaki Watanabe told a gloomy news conference at the company's Nagoya headquarters. "This is an unprecedented crisis requiring urgent action."

http://apnews.myway.com/article/20081222/D95801VO5.html
 
From the link - "Toyota said there were no plans to lay off any full-time employees, though it plans to cut the number of temporary workers at its Japanese plants in half to about 3,000."

Traditional (Japanese) first step in these conditions are for the leaders to take a pay-cut; American first step, make sure to secure your bonus and stock options...
 
i just bought a 4runner sport edition for far below invoice, they can sell more cars if they stop charging to much $$. toyota has cars sitting on lots, in fact they still do not have the 2009 4r out yet, it is sitting at ports.
 
why is it that evening with this operating loss, toyota is still expected to make a profit? i believe it is because of wise management. i find it interesting that all 3 american auto companies need a bailout, yet i don't see toyota or any other company asking for a bailout from their home country. doesn't mean they haven't, but i don't see it.

why are we bailing out lousy cars and lousy management and lousy unions?
 
Help the displaced workers let the companies fail if they are to inept to stay in business.
Rebuild America from the bottom up not the top down.
 
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