"Toyota projects first loss in 70 years, bowing to global slowdown"
"Toyota projects first loss in 70 years, bowing to global slowdown," see http://biz.yahoo.com/ap/081222/as_japan_toyota.html. Part of the article is below. If you don't want to be scared, DON'T READ IT!
""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."
Watanabe said a severe drop in demand, especially in the U.S., which accounts for one-third of vehicle sales, and profit erosion from a surging yen were too much for Japan's No. 1 automaker. Overall U.S. auto sales fell to their lowest level in 26 years last month.
"The change that has hit the world economy is of a critical scale that comes once in 100 years," Watanabe said.
Toyota said it expects an operating loss of 150 billion yen ($1.66 billion) for the fiscal year ending in March, compared with an operating profit of 2.27 trillion yen ($25.2 billion) a year earlier."
.......http://www.JoeFRocks.com/
""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."
Watanabe said a severe drop in demand, especially in the U.S., which accounts for one-third of vehicle sales, and profit erosion from a surging yen were too much for Japan's No. 1 automaker. Overall U.S. auto sales fell to their lowest level in 26 years last month.
"The change that has hit the world economy is of a critical scale that comes once in 100 years," Watanabe said.
Toyota said it expects an operating loss of 150 billion yen ($1.66 billion) for the fiscal year ending in March, compared with an operating profit of 2.27 trillion yen ($25.2 billion) a year earlier."
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
3:39 PM
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