In 2009, Toyota announces first loss in 46 years
Toyota, the world’s biggest automobile maker announced it’s worst ever annual net loss: equivalent to USD4.4 billion in the year to 31st March 2009. Amazingly, it scored record profits just the previous year.
The carmaker blamed it on high prices of raw materials and a strong yen (the Japanese currency), making Toyota cars dearer overseas, especially in its biggest markets: the US and Europe.
Worse, it expects to make a net loss of the equivalent to USD5.5 billion in the financial year ending March 2010.
Ouch, that hurts: perhaps Toyota needs to diversify to making other things like faucets?
The last time Toyota made a net loss was way back in 1963.
Source
The BBC, 8 May 2009
