In a nearly unprecedented action the board of Toyota has announced they expect to have a loss for the first time in 67 years. This would be the first since 1941! Can anyone again tell me that this crisis is limited to the US ? This is the MSNBC story.
NAGOYA, Japan – Toyota Motor Corp. projected its first-ever operating loss since it began such reports, acknowledging Monday that its nine-year stretch of global vehicle-sales growth had stalled.
Crashing auto demand, especially in its key U.S. market, and the profit erosion from a surging yen proved too much for Japan’s top automaker, which had been booming on the success of its fuel-efficient models, incluading the Camry sedan and Prius gas-electric hybrid.
Gloom dominated the annual news conference by Toyota’s president, who in recent years had outlined ambitious expansion plans. This year, Toyota President Katsuaki Watanabe even refused to give a worldwide vehicle sales goal for 2009.
Watanabe continues deeper into the story:
“The tough times are hitting us far faster, wider and deeper than expected,” he told reporters at Toyota’s Nagoya office. “This is an unprecedented crisis requiring urgent action.” <>”The tough times are hitting us far faster, wider and deeper than expected,” he told reporters at Toyota’s Nagoya office. “This is an unprecedented crisis requiring urgent action.”
I guess Detroit isn’t the only place with a problem.