Toyota (TM), the most successful car company of the last two decades, suffered several of the indignities that other car firms have faced for the last two years.
The No.1 auto firm in the world lost money in the last quarter, a total of $6.9 billion. S&P cut the company’s rating. Toyota cut its dividend.
Toyota also forecast that its loss for the next fiscal year could be more than $8 billion.
The announcements highlight the fact that superior products, marketing, distribution, and a strong balance sheet do not mean much when an industry goes into a flat spin. Toyota is now at the mercy of the global recession as much as any other of its well-run and well-financed peers. As rivals like Fiat and VW get stronger, Toyota may actually lose some of its advantages as the worldwide economy recovers.
Toyota’s capital position will keep it afloat, but, like every other car company with global operations, it may take years for its earnings to recover.
Douglas A. McIntyre
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