New York City to the miséance the title practical 28He does not like complex financial productsassured Japanese Prime Minister Naoto KanThe lowest the Gilt fell to 2949 March 13With aim to produce compelling elements to justiceThe management may change patents remain Therefore much time to earn enough observationsThe debate over fiscal stimulus is surrealtake on the coast with weapons and baggageThere was until then the dismissal or resignationIt is a real earthquake to the Toyota system. The first global car manufacturer predicted a loss of annual operation of 150 billion yen (1.18 billion ) for the 2008-2009 fiscal year, which ends in March. This is a historic first for the automotive group, which has never confronted with such a situation since its inception in March 1938. It seemed even preserved since last year, its operating profit was still of 2.270 billion yen. Net income for 2008-2009 is reduced to 50 billion yen, far the 550 billion expected. "The environment that surrounds us is more tough and difficult." "This is an unprecedented emergency situation", Katsuaki Watanabe, President explained yesterday.
It is the second time in six weeks that the Group was forced to revise its financial projections. In the meantime, Katsuaki Watanabe has carved out of the workforce, cancelled the contracts of temporary workers, decreased year end bonus and adjusted its production. Now, the Group expects to sell 7.54 million vehicles during the fiscal year instead of the planned 8,24 million previously, a further decline of 8.5. Last year, its sales have focused on 8.91 million units. Evidence that the future remains highly uncertain: no forecast of production and sale is made for the next year. "The markets change every week, even every day." "Unfortunately, we cannot make any prediction at this stage", explained the President.
Reversal of the application
Global crisis requires, Toyota faces a sharp reversal of the application. In November, sales fell by 34 in the United States and in Europe. For the current year, the constructor expects a decrease of 26.7 per cent of its sales in North America and 19 in Europe.
This accordion coup comes even more poorly that last year the Japanese leader had to increase investment in production to meet world demand. It is these same facilities that reveal today surplus. The stagnation of the application does not. Toyota suffers head-on the escalation of the yen, whose effects on its operating income should cost it 200 billion yen. For the second half of its fiscal year, Toyota table on a parity of 93 yen for 1 dollar to 123 yen for 1 euro.
Small lot of consolation, Toyota should retain his title of first global automaker in volumes, before GM, because its sales in calendar year are forecast to decline by 4. Which, to the Detroit giant sinking, leaves it a margin in advance. Similarly, Toyota is not only to fight in the face of adversity. His Honda rival, equally penalized by the strong yen, just review downward its forecasts. Nissan has also conducted the same adjustments. Finally, Suzuki, particularly well implanted in the small citadines, again reduced its production ( 30,000 vehicles) to 1.16 million.
A set symbol to evil
But Toyota woes have national repercussions. First company in the country to the original operation, symbol of excellence, the Toyota system is synonymous with the Japan success and profitability. The mark Buffalo horns, which cleared in recent years a greater than 10 billion net profit, always won the success abroad, while achieving huge investments. That is, if this first programmed loss raised awareness of the magnitude of the crisis.
