- Dec 19, 2008
Toyota poised for first annual loss in 71 years
Toyota has apparently been slashing budgets across the board in recent months as sales have dropped by more than 30% in the US and in other parts of the world. At the same time, the value of the dollar against the yen has also dropped, meaning that Toyota is losing out on the currency exchange. Toyota (and Honda and Nissan) are navigating the same severe rapids as Detroit, they just started further upstream. The company has slashed production, canceled a diesel engine program for its big trucks and halted construction on a new factory in Mississippi. A profit warning announcement is expected from Toyota on Monday.