Toyota to suffer 1.1 billion dollar loss for 2nd half: reports

AFP ^ | 12/13/08

[TigerLikesRooster]

Toyota to suffer 1.1 billion dollar loss for 2nd half: reports

Sat Dec 13, 1:32 am ET

TOKYO (AFP) – Japanese auto giant Toyota is likely to suffer a 1.1 billion dollar loss for the second half of the current fiscal year due to a stronger yen and a global industry slump, news reports said Saturday.

Toyota Motor Corp. is likely to incur an operating loss of some 100 billion yen (1.1 billion dollars) for the six months to March next year, the Asahi Shimbun and Kyodo News said.

It would be Totota's first interim operating loss since the company introduced US accounting standards in 1999, Asahi said.

In November, Toyota revised downward its net profit forecast to 550 billion yen in the current year to March, down from the 1.25 trillion yen previously projected. That would mark a decline of 68 percent from the previous year.

But the news reports said Toyota would further downgrade its sales and earnings projections as the company was battered by a sharp decline in global auto sales and the yen's continued appreciation against the dollar.

[TigerLikesRooster]

Ping!

[freekitty]

Gee, I thought Toyota was on top of their game.

[shineon]

$150 a barrel oil has consequences.

[ET(end tyranny)]

That can’t be. They are perfect. They should get rid of the union, oh wait....

[cgbg]

GM lost $ 7B in the last three months, Toyota $ 1B in the last six months.

Under "Lean" theory Toyota should be doing ten times better than their "Bloated" competition. It looks like they are.

:-)

[scooby321]

GM losses at 2 billion a month.

[dfwgator]

Toyota to suffer 1.1 billion dollar loss for 2nd half: reports

Are they crying to the Japanese government to bail them out?

[ET(end tyranny)]

Riiight. Whose been in business longer? Toyota?

[Issaquahking]

“Toyota’s chickens have come home to roost!!!” (said in my my best Jeremiah Wright’s voice...)

[TigerLikesRooster]

Not, so far. Probably won't.

[Steamburg]

To proclaim calamity for a non-union car company because they had a bad quarter during a gas crisis is pure Union crap. I doubt that they will have robust quarters for the next year or two (depending on government interference in the market), but that is still far better than companies that have been in decline since the 80’s.
Our government is going to have to come to grips with the fact that they are not the answer, they are the problem.

It is not our Constitution that needs repairing, its our constant greed for social engineering that needs to be pulled out at its roots.
Free markets are the best cure for and the worst nightmare of every progressive.

[NRG1973]

If the dollar strengthens versus the yen then I expect Toyota will become profi9table again.

[dfwgator]

And I seem to recall Japan’s economy in the 80s, with deflation, was in much worse shape than our economy now, and yet Toyota and Honda managed to survive that.

[Steamburg]

Under “Lean” theory Toyota should be doing ten times better than their “Bloated” competition. It looks like they are.

Great Call. The story is smelling like some kind prelude to a Union Hit Piece.

[Double Tap]

Except the price of crude was not that high during the time period in the article.

Read it again.

[NRG1973]

Great Call. The story is smelling like some kind prelude to a Union Hit Piece.

Yeah, that what I was thinking too.

One advantage Toyota has over the domestic automakers is that they sell their cars globally. Who can forget seeing videos of terrorists in Aphganistan driving Toyota pick ups? You simply don't see too many terrorists driving GM's or Fords.

[Issaquahking]

At the Controls of Mitsubishi
Monday, Jun. 29, 1981

A high-flying boss with a familiar name


More Related Business Notes Chrysler Eyes New Global Strategy Why Detroit’s Woes Are Bad for Toyota After Japan's surrender in World War II, Mitsubishi Heavy Industries of Tokyo moved from the production of warplanes to the manufacture of motor vehicles. At the same time, an ambitious young Mitsubishi engineer named Teruo Tojo was shifting over from work on the firm's famed Zero fighter plane to the design of buses and trucks for peacetime. As things turned out, the switch from planes to cars proved a smart one for all concerned. Mitsubishi Motors Corp., now a subsidiary of MHI, has become Japan's fourth largest automaker (fiscal 1980 sales: $5.2 billion), and next week Tojo, 66, will become the firm's president and chief executive officer.

Full story here

Wonder how long it takes for history to repeat....

[ET(end tyranny)]

:)

[Last Dakotan]

Through tariff and non-tariff barriers the Japanese home market is essentially closed to foreign competition.

The UAW is rightly the American auto industry's most major problem. Asian protectionism is also on the list.