Toyota Reports First Loss in 70 Years
Due to a weakening dollar and the struggling car industry Toyota has reported their first loss in sales over 70 years of business.
No auto maker can hide, it seems, from this automotive crisis. Toyota hasn’t reported a loss in revenue since their 1937-1938 year. Despite making $1.57 billion in profit the first half of 2008 the company took a steady dive as car values and new car sales diminished, especially in the United States.
According to Automotive News: “Toyota has been expected to post (consolidated) losses for the second half, but it would be a surprise if the loss became so big that it would more than wipe out the first-half profits.” Toyota would not comment on media inquiries. Fiscal year-end is March 30, 2009. Toyota’s year-end report will likely come in May.
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