Toyota is the world's third most admired company. However, it too has reported losses for the first time in its 70-year history.
In the wake of the recession, the company has seen a fall in demand forcing it to cut production and shut down some facilities.
In December 2008, Toyota estimated its full year operating loss to be yen 150 billion (about $1.65 billion). The company now sees a yen 450 billion ($4.95 billion) loss. Toyota has also lowered its forecast for vehicle sales for during 2008-09 to 7.32 million.
Toyota Motor Corporation employs 316,000 people around the world. Vehicles were originally sold under the name 'Toyoda', from the family name of the company's founder, KiichiroToyoda. Fujio Cho is the chairman of the company.
Image: A Toyota Prius 3 is displayed during the first media day of the 79th Geneva Car Show at the Palexpo in Geneva. Photograph: Valentin Flauraud/Reuters
Also read: World's 10 best companies to work for
| Live updates on money.rediff.com |
|
Advertisement
