Toyota Expects To Barely Break Even
LINDA WERTHEIMER, host:
NPR's Business News starts with Toyota predicting a sales slump.
Toyota says it's earnings for the next fiscal year could be down more than expected. The company expects to post an operating loss for the first time in 70 years. Like all Japanese automakers, Toyota faces plunging auto sales in North America and Europe, and a surge in the value of the yen.
Last week, we reported Toyota's plans to suspend production of the Prius in the U.S. The company says more production cuts are on the way. Still, Toyota is on track to finish this year as the best-selling brand in the U.S. for the first time.
Toyota expects to sell just under nine million cars worldwide, down four percent from last year. That's a small number, but one that highlights the big losses in the U.S. auto industry this year.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.