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Akio Toyoda, the new President of Toyota and grandson of company founder Kiichiro Toyoda, is predicting another two years of tough times for the auto industry. In order to stay afloat, the Japanese automaker, under the direction of Toyoda, will build more autonomous operations in North America and concentrate on a more region-specific lineup to help the company pull through the recession.

While the company will be steered "back to basics," the changes will not involve plant closures – Toyota wants to make sure it retains capacity for when the market bounces back. Toyoda will also personally take a 30% pay cut this year. "The new Toyota sets sail in very stormy waters," said Toyoda at his first news conference. "But right now we're working at full speed to cut costs and jump-start sales with the support of various government incentives being rolled out... We want to do everything possible to avoid a third consecutive year of losses."

[Sources: Reuters / Reuters]


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    • 1 Second Ago
  • 22 Comments
      • 5 Years Ago
      My 2 cents: Toyoda is right, that Toyota tried to follow GM. At the time, GM was the largest auto manufacturer in the world, and had been for a long time. Toyota briefly overtook GM, and then all hell broke loose when the economy sank.

      If Toyota hadn't followed GM, they might not have been beotch-slapped by Hyundai-Kia coming up from behind and grabbing market share from the bottom up, price-wise.
      • 5 Years Ago
      And still all smiles! :)
      • 5 Years Ago
      How high are you anyway?
      • 5 Years Ago

      Enough already !!!!
      • 5 Years Ago
      Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
      • 5 Years Ago
      How about before you bash the CEOs, you learn to speak in a coherent manner?
      • 5 Years Ago
      This guy (Akio Toyoda) gives me confidance and nodoubt will prove to be a valuable CEO for Toyota.

      While i believe Toyota Motor Corporation remains one of the most steadfast car makers in the world, they will however benefit greatly from thier own form of restructuring and obviously that is what Akio has planned for the company, going back to basics will do them wonders.

      • 5 Years Ago
      If I recall correctly, Nardelli was making all of $1.00 per year. And so was Rick Wagonner. Admittedly they were making more than that before their companies started losing money, big time. HasToyota cancelled their request for $8 billion from the Japanese government, yet?

      I thought not. So they are on the dole just like GM and Chrysler.

      Meanwhile Toyota is refusing to cut capacity, and thus confirming that they will continue to lose money by the wheelbarrow full. And like GM of 2006 and 2007 blindly marching over the precipice, convinced the market and prosperity will return just around the corner.
      • 5 Years Ago
      Mr. Remus, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul
      • 5 Years Ago
      Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.

      (sorry. i had to.)
      • 5 Years Ago

      hey, look at that, they hired a japanese guy to run an american car company. who woulda thunk that?

      wait a second...why is he being paid in yen?
      • 5 Years Ago
      He's crazy I wouldn't take a pay cut,I would tell them its not my fault now give me all my cheese fool.
        • 5 Years Ago
        Exactly the sort of sense of entitlement that is causing the decline of American society. Government employees with barely a high school education getting $30 per hour for giving terrible service and getting a pension plan. And then striking because they want more...

        ...earn your pay, nobody owes you anything. Earn it and then you'll get your cheese. if you don't earn it, you should not get it, fool.
        • 5 Years Ago
        @colio
        What's wrong with just having a high school education,I damn sure can't afford college so Im not going.If I could work my way up to a job that pays $30 a hour I would be happy.All of my siblings have done it without college and there getting cheese, fool.
        • 5 Years Ago
        @bigbuck

        nothing's wrong with just a high school education, but when you're getting beat out not just inside the country but around the world by dudes/ladies with better education you shouldn't really be surprised. you say you can't afford college, but where there's a will there's a way.
        • 5 Years Ago
        Wow BigBuck! You don't have to go to school if you don't want to, but please pick up a book. The brain drain has long been the silent threat to this nation, but thanks to the internet it is louder than ever.
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