I do believe that true sign of the Automotive Apocalypse is now upon us. Toyota Motor Corp. is forecasting its first-ever annual operation loss in 2008!!! This is a company that has never had a loss in over 70-years. It’s being blamed by the perfect storm of relentless slow sales and crippling rise in the yen.
Next year, Toyota is hoping to return to profit (just like the rest of the automotive world) by cutting capital spending to below 1 trillion yen compared to 1.4 trillion yen this year. It’s estimated that group-wide global sales are down 4 percent in 2008, including sales at Daihatsu and Hino Motors Ltd.
Souce:autonews.com (subscription required)
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