Craftsman Truck Series… (HD) • 7:30pm
  • Media
  • Photos
  • Videos
  • Check out the latest SPEED podcasts on iTunes
  • Mobile
This could be your avatar!
Username
Password
Register
autocar_staff's avatar
Author:
Autocar staff
Login For More
Rate this article:
  • 0/5 Stars
  • Related Photos
SPEEDtv.com Store
Victory By Design: Ferrari DVD
Alain de Cadenet, a long-time Ferrari enthusiast and aficionado, drives some of the great sports racers and sports cars.
Our Price: $24.95
Visit Button
Buy Button
Red Hot Ringtone: Air Rachet Single Burst
Sound off with SPEED Ringtones!
Our Price: Only $1.99
Visit Button
Buy Button
Ferrari 60 Years: The Great Moments
by Leonardo Acerbi
This lavish book dedicates a whole chapter to each of Ferrari's 60 years in existence.
Our Price: $50.00
Visit Button
Buy Button
Footer Bg
  • Zoom More Photos Button
  • Camera Icon
Toyota Profits Drop
Written by: Autocar staff   http://www.autocar.co.uk
05/12/2008 - 08:36 AM
Tokyo, Japan
 
ยป More Photos

Toyota is forecasting the first drop in its annual profits in nine years, blaming the weak U.S. economy, a stronger yen and rising raw material costs.

The pessimistic prediction came after disappointing fourth-quarter results for Toyota. Its profits in the last quarter of the financial year slumped by 28 percent, although the Japanese giant is still on course to overtake GM as the world’s top-selling manufacturer.

"The business environment is extremely difficult," Toyota
president Katsuaki Watanabe told a press conference. He said that the higher yen and raw material prices would be “major issues” for Toyota. “"We will cut waste and review our ways of doing business," he added.

Toyota’s bad news will raise further concerns in the car industry. If its previously unstoppable progress can be even momentarily derailed, then already-troubled Detroit giants such as General Motors and Ford could be facing further strife.
View All Comments