Word: toyotas
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...create havoc among parts suppliers that sell to Japan's carmakers; job losses would send more shock waves through the U.S. economy, deepening the recession in what is by far the largest single market for Japanese cars. "What we're seeing is the 30-foot tsunami that not even Toyota can cope with," says Tatsuo Yoshida, executive director and senior analyst at UBS Securities Japan...
...While no Japanese automaker is on the brink of bankruptcy, Toyota's executive vice president Mitsuo Kinoshita calls the sharp contraction of global sales "unprecedented." Toyota, Honda and Nissan are slashing earnings estimates, firing workers and trimming production. In November, the Japanese auto industry saw its worst month in more than three decades, as domestic sales fell 27.3% compared with the same month last year. Sales of Japanese cars in the U.S. fell more than 30% last month...
...Toyota, the industry behemoth, just recorded its seventh consecutive month of declining sales, and the company's second-quarter net profit plunged nearly 70%. Toyota has cut its earnings forecast for the fiscal year ending March 2009 to $6 billion, which is just one-third the profit it made the previous year. "You are looking at the deepest downturn that Japanese automakers have ever seen," says Chris Richter, senior research analyst at CLSA, a Hong Kong-based brokerage house. "They've faced downturns before, but not downturns in virtually every global market simultaneously. Even Honda Civics and Toyota Priuses aren...
...This bleak outlook could get even worse, at least in the short term, if GM, Ford or Chrysler went bust. That's because of a domino effect that would probably result in the subsequent failures of parts suppliers that also sell to factories operated by Toyota, Honda and Nissan in the U.S. Vehicles built on American soil accounted for 63% of Japan's total U.S. sales in 2007, according to the Japan Automobile Manufacturers Association. A sudden parts shortage could force companies to shut down some of those assembly lines, generating major losses...
...Japan. But now executives are trying to figure out how to cope under circumstances they have never faced before. Sacred cows are being sacrificed to preserve earnings: Honda announced today that it was pulling out of Formula One racing to focus on its core business. Toyota, which has seen its stock drop more than 50% since the beginning of the year, established an Emergency Profit Improvement Committee chaired by company president Katsuaki Watanabe. Since forming the committee last month, Toyota has planned cuts to production, as well as layoffs for 50% of its contract workers by the end of March...