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Thread: Toyota Says Company Is ‘Grasping for Salvation’

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    Toyota Says Company Is ‘Grasping for Salvation’

    Toyota Says Company Is ?Grasping for Salvation? (Update1) - Bloomberg.com

    Oct. 2 (Bloomberg) -- Toyota Motor Corp., the world’s biggest automaker, is “grasping for salvation” as it predicts a second straight annual loss, President Akio Toyoda said.

    “We have to listen to our customers and make better cars,” Toyoda said in a speech to journalists in Tokyo today. The 53-year-old grandson of Toyota’s founder became president of the Toyota City, Japan-based carmaker in June.

    The automaker is one step away from “capitulation to irrelevance or death,” Toyoda said, citing a study of how companies fail. Toyota has forecast a record loss of 450 billion yen ($5 billion) in the year ending March after the worldwide recession pummeled car demand.
    Had no idea the president of Toyota was named "Toyoda." Why not . . . "Toyota"?

    I'm sure all this will come as a surprise to many. Looks like GM isn't the only dinosaur flailing in the tar pit.
    Last edited by Harshaw; 10-04-09 at 11:46 PM.
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Given the size of that loss, it doesn't look good. Especially when all the cash and cash equivalents they got is $2.187 billion. Current assets are a bit over $11 billion. $2.6 billion long term debt coming due next year.

    They can survive this if they are willing to make cuts. It's not like they are at GM level yet.

    TOYOTA MOTOR CORP (TM): Financial Statements - BusinessWeek
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Toyota will survive, but they are doing, and going to have to do more of things they don't do. As one example, having a job at Toyota used to mean having a job for life. They are now having to actually lay people off permanently, just to survive, which is not making either management or the employees happy. I think though that Toyota's willingness to do what it takes to get through this will work for them, and that they will survive.
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Quote Originally Posted by Redress View Post
    Toyota will survive, but they are doing, and going to have to do more of things they don't do. As one example, having a job at Toyota used to mean having a job for life. They are now having to actually lay people off permanently, just to survive, which is not making either management or the employees happy. I think though that Toyota's willingness to do what it takes to get through this will work for them, and that they will survive.
    You are probably correct that Toyota will survive but I would bet that at some point during the past couple of decades virtually the ame thing was said about GM. Yes I do anticipate that you will point ouit that Toyota does not have the achors around it's neck that the great GM had but .... vee shall see..
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Now weren't there some people who said the American carmakers were the biggest idiots (greedy crooks screwing the unions and American public), and now we see the biggest of them all doing the same exact thing?
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Quote Originally Posted by American View Post
    Now weren't there some people who said the American carmakers were the biggest idiots (greedy crooks screwing the unions and American public), and now we see the biggest of them all doing the same exact thing?
    The big problem with both has been poor management. I think Toyota will react faster and better. Toyota is only the biggest as of this year, and that because GM was even more poorly managed.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Quote Originally Posted by Harshaw View Post
    Had no idea the president of Toyota was named "Toyoda." Why not . . . "Toyota"?
    This immedietely made me think of this news story from a few years back

    Woman thought she won a toyota

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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Damn it! We were planning to buy a Toyota Highlander Hybrid this year.

    I love my Camry.

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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    This is very interesting, considering that Toyota's business model was considered revolutionary and pretty much impenetrable. I actually had no idea they were doing this bad.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Toyota Says Company Is ‘Grasping for Salvation’

    Quote Originally Posted by aps View Post
    Damn it! We were planning to buy a Toyota Highlander Hybrid this year.

    I love my Camry.
    Go ahead and buy it, Toyota isn't going anywhere.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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