Monday, December 22, 2008

1st Ever Yearly Loss for Toyota

The japanese auto maker Toyota is forecasting it's first ever annual operating loss. Lowered sales in the companies largest markets and high steel prices have prompted cutbacks. The company was planning to build another plant in the southeast US, but is putting that project on hold.

Katsuaki Watanabe, the company's president, vowed to make the company lean enough to survive a massive decrease in auto sales.