In Toyota’s fourth quarter ending March 31, the company lost a stunning $7 billion, which — if you you can believe this — is a billion more than what GM says it lost last year. (Source.)
Toyota warned it would lose another $5.5 billion this fiscal year. “It will take more time before the financial markets in the U.S. and Europe normalize and the global economy recovers,” Toyota’s president, Katsuaki Watanabe, said Friday.
In April, Toyota sold 126,540 cars in the United States — a 42 percent drop from a year earlier — slipping behind Ford, which sold almost 130,000 cars.
To cope with the slump, Toyota has made sharp production cuts across its 74 global assembly lines, laid off about 6,000 temporary workers in Japan and sharply cut pay for its managers. (Source.)