Toyota Says Company Is ?Grasping for Salvation? (Update1) - Bloomberg.com
Had no idea the president of Toyota was named "Toyoda." Why not . . . "Toyota"?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.
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.