Toyota Announces First Operating Loss in 70 Years: $1.7 billion USD : TreeHugger - 0 views
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As Mike wrote a while back, even the Prius can't save Toyota. On Monday the world's biggest car-maker announced that, in contrast to 2007's 2.3 trillion yen operating profit, for the past year the company made an operating loss of 150 billion yen. Furthermore Toyota confirmed they are freezing the scheduled opening of their new Mississippi factory, which was expected to produce new Prius models for the US market. However, the Australian Federal Government believe their deal with Toyota to build a hybrid Camry plant in Victoria is still on track. They are kicking in $35 million AUD on the proviso that it does proceed. The New York Times reports that Toyota's president, Katsuaki Watanabe told the media conference, that "The change in the world economy is of a magnitude that comes once every hundred years," going on to comment, "We are facing an unprecedented emergency." Such that the company apparently has unplugged electric hand dryers at some offices in an effort to cut costs.