Here’s proof positive that if a rising tide raises all boats, then a falling tide must smash them into splinters against the rocky shores of our crappy economy. Toyota Motor Corp. recently announced a quarterly loss of $6.9 billion in the fourth quarter of 2008 and a record $7.7 billion lost in the first quarter of this year. This is compared to a $6 billion loss posted by GM. Ouch.
What’s more, Toyota is forecasting an annual loss of $8.6 billion for the current fiscal year with a drop in sales of around 1 million cars. At a press conference, President Katsuaki Watanabe told reporters “Of course the external environment doesn’t help, but we were lacking in the scope and speed of dealing with various problems and issues, and for that I am sorry.” Did you catch that? An actual apology for underperformance from the President of a major corporation. It’s not that Japan is producing better cars than America, they’re leading us in accountability!