Toyota to Post First Loss in 70 Years
Here's yet another sign of the econo-polcalypse: Toyota Motor Corp., which has been profitable for decades thanks to steady sales and shrewd leadership, has predicted a loss for the first time in 70 years.
Here’s yet another sign of the econo-polcalypse: Toyota Motor Corp., which has been profitable for decades thanks to steady sales and shrewd leadership, has predicted a loss for the first time in 70 years.
Your support matters…AP via Google News:
“The tough times are hitting us far faster, wider and deeper than expected,” Toyota President Katsuaki Watanabe told a gloomy news conference at the company’s Nagoya, Japan, headquarters. “This is an unprecedented crisis requiring urgent action.”
Sona Iliffe-Moon, a spokeswoman for the automaker’s U.S. arm., said the company has not had any layoffs since the 1950s.
“As a result of that experience, it became a part of our culture to ensure employment and stability for employees,” Iliffe-Moon said
Toyota had reported strong growth in recent years, boosted by heavy demand for its fuel-efficient models like the Camry sedan and Prius gas-electric hybrid.
But Watanabe said a severe drop in demand, especially in North America, which accounts for one-third of vehicle sales, and profit erosion from a surging yen were too much for Japan’s No. 1 automaker. Overall U.S. auto sales fell to their lowest level in 26 years last month.
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October’s Truthdiggers didn’t just obtain better conditions with their historic 41-day walkout; they set an example for all U.S. workers.
The United Auto Workers union now will turn its attention to bargaining with crosstown rival Ford Motor Co.
Over 31 days, strikers demonstrate the muscle the United Auto Workers union still has over Detroit's car manufacturers.
The offer includes "major gains" for workers who have been picketing at U.S. factories for a month, United Auto Workers officials say.
It's still possible that bargainers could hammer out an agreement, but a union spokesman says it's unlikely because many issues are unresolved.
United Auto Workers members could walk out of GM plants as early as Sunday—because union and company demands are so far apart.
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