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Toyota Motor Corporation is a multinational automobile manufacturer that owns the brands Lexus and Scion. On February 6, 2009, Toyota warned its losses would be greater than initially projected, estimating a $5 billion total loss for the fiscal year ending on March 31, 2009.The New York Times: In the Red, Toyota Sees Loss Tripling (February 6, 2009)
In March 2009 Toyota revealed that it would be seeking a loan from the Japanese government. Because of the fact the it faces the first ever loss for a year in business, creditors to the company have been asking for up to 50 percent more interest on private loans made to the company. Reports indicate that the company will be asking for up to $2 billion from Tokyo.Bloomberg.com: Toyota, ... Seeks Loans from Japan (March 2, 2009)
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Key Dates
- 1933: Toyoda Automatic Loom Works launches automotive division
- 1935: Model A1 car and G1 truck launched
- 1937: Toyota Motor Co. (with revised spelling) established
- 1957: Toyota Crown is first Japanese car exported to U.S.
- 1970: Toyota Celica introduced
- 1983: Toyota Camry introduced
- 1997: Toyota Prius, a hybrid vehicle, is introduced
- 1999: Toyota Tundra introduced
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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.FOX Business: Futures Turn Positive Despite Toyota News (December 21, 2008) Bloomberg.com: Toyota Forecasts Its First Operating Loss in 71 YearsOn January 5, 2009, the company reported that December 2008 sales were down 37%. For the year, Toyota said its sales were down 16%.FOX Business: Ford, Toyota, GM Sales Plunge More Than 30% on Month (January 5, 2009) 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."FOX News: Toyota to Suspend Production for 11 Days in Japan
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.CNNMoney.com: GM loses sales title to Toyota (January 21, 2009) 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%.Market Watch: Toyota U.S. January sales down 31.7% (February 3, 2009)
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Quote
"The environment we're in is extremely tough. We're facing an unprecedented emergency situation. Unfortunately, we can't see the bottom."—Toyota President Katsuaki WatanabeBloomberg.com: Toyota Forecasts Its First Operating Loss in 71 Years -
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Toyota Questions
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Should the recent purchasers of 2010 Camry's be given an opportunity for dealer buy back due to the safety issue and lowered resale value. 1 AnswerYes, i think Toyota should offer to buy back any of their vehicles that had the gas pedal safety problem. It was their own fault. They knew it was happening but... read more -
Does Toyota offer a pension for employees? 1 AnswerAccording to their website, Toyota offers both a 401K and a pension. http://www.toyota.com/html/talentlink/hr/whytoyota/benefits.html read more
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Featured Mahalo Topics
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On Twitter powered by Twitter
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Wow Toyota rolled out those commerical addressing the brake problem quick. I guess great PR team. 2 billion dollar lost.
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RT @sadaoturner: If u haven't seen, here's Toyota's "oops we fucked up, we'll do better next time" commercial: http://bit.ly/ckmzEi
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@justinbieber ur so lucky u get a ferrari as ur first car... my first car will be my dads toyota...how lovely.
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RT @QPid0825: RT @richiedomino: funny how now that gubment owns Generic Motors , Toyota & Honda gettin recalls LMAO!!!!!!!!!!!!!
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