Toyota

Toyota Motor Corporation is a multinational automobile manufacturer that owns the brands Lexus and Scion.

In March 2009 Toyota revealed that it would be seeking a loan from the Japanese government. Because of the fact that the company faced the first ever loss for a year in business, creditors to the company asked for up to 50 percent more interest on private loans made to the company.

Economic Downturn Hits Toyota

On December 22, 2008, Toyota said it expected to post its first-ever operating loss. Japan's largest automaker said it expected to lose approximately $1.7 billion through March 2009. Company officials cited the global recession and the soaring value of the Japanese yen.

On January 5, 2009, the company reported that December 2008 sales were down 37 percent. For the year, Toyota said its sales were down 16 percent. On January 6, 2009, Toyota announced it would stop production at its Japanese plants for 11 days in February and March of 2009, citing "a slump in global sales."

On January 21, 2009, Toyota took the title of world's largest automaker by beating rival General Motors in global sales for 2008. According to reports, Toyota sold 8.97 million vehicles in 2008, compared to GM's 8.36 million.

Even with the new title, reports said Toyota was experiencing record losses: the company reported on February 3, 2009, that U.S. sales for January 2009 fell nearly 32 percent. Worldwide sales for August 2010 were still down one percent from August 2009 sales.c

Recalls

Toyota had to recall more than eight million vehicles from November 2009 through the first quarter of 2010. Issues found with some Toyota vehicles included brake issues in the Corolla and Prius.