Word: toyotas
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...plans for government to bail out car companies may quickly move beyond some US and UK and could even happen in Japan. Toyota and Honda probably have the balance sheets to last through a two- or three-year downturn. It is not clear that Nissan does...
...Sony isn't the only iconic Japanese brand that is taking a beating. Beset by a domestic economy in recession, a yen that is gaining strength, and evaporating sales, manufacturers that have long been considered best-in-class by consumers are reeling. Toyota, the world's No. 1 carmaker by sales and profitability, recently announced that it expects to post its first operating loss in seven decades for the fiscal year ending March...
...greater reductions may be needed as the global economic slump deepens. Toyota's plight illustrates the challenges faced by Japan Inc. The company recently achieved its long-standing goal of surpassing GM as the world's top automaker - only to run head-on into a recession far more severe than anyone anticipated. With its global sales down 4% last year, Toyota has already announced a management shakeup as well as plans to temporarily close factories for an additional 11 days over the next two months. The goal is to slash output to less than half the number of vehicles Toyota...
...Analysts say Toyota may need to reduce output even more as sales in the U.S. market, where the company generates half its earnings, continue to plummet. In the last three months of 2008, the U.S. economy shrank at its fastest rate in 26 years; consumer spending fell 3.5% after dropping 3.8% in the third quarter...
...About 40% of the cars Toyota sells in the U.S. are made in Japanese factories, and "due to significant yen appreciation, those exports are not profitable anymore," says Tatsuya Mizuno, an analyst at FitchRatings. It will take Toyota time to adjust its fixed costs, since it has spent the past several years investing aggressively to increase production capacity by about 500,000 vehicles per year in the U.S. "It's increasingly clear that the driving force [behind Toyota's recent growth] was really excess consumption in the U.S.," says Izumi of JPMorgan Securities, "and that's now unwinding...