Toyota Reports first loss in 70 years$this->bbcode_second_pass_quote('', '[')b]Toyota projects first loss in 70 years Monday Dec 22, 7:12 pm ET
By Yuri Kageyama and Dan Strumpf, AP Business Writers
Toyota projects first loss in 70 years, bowing to global slowdown
NAGOYA, Japan (AP) -- Toyota has hit a speedbump. The Japanese auto giant forecast its first operating loss in 70 years on Monday, more fallout from the severe slump in vehicle sales that has nearly claimed two Detroit automakers and raised questions over when the U.S. market, Toyota's largest, will hit bottom.
Despite the setback, the automaker is still poised to pull ahead of its main U.S. rival, General Motors Corp., to become the No. 1 world carmaker in 2008, industry watchers said. Toyota reported it sold 7.05 million cars worldwide during the first nine months of the year, compared with 6.66 million for GM for the same period.
The writing is on the wall now. The auto industry is toast when even a healthy company with good product can't make money.