There’s more doom and gloom, and it goes beyond Chrysler and GM bracing for bankruptcy. Toyota and Nissan are now counting their own record losses.
Toyota’s entry into the long list of carmakers in crisis mode comes after an announcement last week that declining sales have pushed the company into the red. The company lost 436.94bn yen ($4.4bn; £2.9bn) in the year to 31 March, that’s compared to a record profit the year before. The last time Toyota made a net loss was in 1963. Next year, Toyota expects to lose close to $550bn yen.
Nissan too has reported a net loss of 233.7bn yen ($2.3bn; £1.59bn) for the year to 31 March, but it’s slightly better than the initially forecasted loss of 256bn yen. Nissan is expecting to lose another 170bn yen in the next financial year
Meanwhile, Suzuki reported a measely profit of 5.8bn yen. It quickly informed the crowd future sales would be less impressive.