December 22, Japan's largest carmaker Toyota Motor Corporation issued a statement, in the 2008 fiscal year, Toyota will occur in 1941 since the beginning of the annual earnings announcement the first time since the annual operating loss is expected to loss of ¥ 150,000,000,000 (about 1.69 billion U.S. million). In addition, Toyota is also expected to reduce fiscal year net income 91 percent, to 500 billion yen. The last time Toyota operating profit losses occurred in 1938. Since then, Toyota, 70 years unbeaten金身be broken. Toyota Economic Information Daily that the whole auto industry is facing a crisis.
January 6, 2009, Toyota Motor Corporation said that due to poor car sales decline in the extent of the worst-than-expected inventories continue to rise, the company decided to expand the production scale. During New Year's Day this year, Toyota changed people leave equipment in previous years over the way all the factories in China have implemented varying degrees of production leave measures; In addition, including some overseas subsidiaries, including Toyota a total of 11 factories canceled night.
The latest data show that in December 2008, Toyota in the U.S. new vehicle sales increased 36.7 percent year-on-year decline; in 2008 the year the company's automotive products sold in the United States is about 2,218,000, an 15.4 percent decline in 2007, 1995 the first decline since. Japan Automobile Dealers Association, according to data published by the Japanese auto market in 2008 sales of about 5.08 million more than in 2007 dropped by about 5 percent, in 1980 fell to its lowest level since.
Car market to shrink the major car manufacturers suffered尝尽, particularly the U.S. Big Three auto makers typical. The reason for the high labor costs and business strategy mistakes in the U.S. Big Three auto industry cumulative, in the face of financial crisis, very fragile. Critical juncture, they had no choice but to join hands with the U.S. Congress and the Government for emergency assistance.
U.S. President George W. Bush in December 19, 2008, announced that the Government will provide an emergency loan to rescue troubled U.S. auto industry, the scheme a total of 17.4 billion U.S. dollars, will be the end of December 2008 and January 2009 in place. Which GM will receive 9.4 billion U.S. dollars, Chrysler will be four billion U.S. dollars, while Ford said the moment the Government does not need emergency assistance. Another four billion U.S. dollars of loans need Congress to approve the second part of funds can provide.
USA Government to provide loans with harsh conditions. For example, the two companies must be March 31 this year before the plan worked out a profit, otherwise the loan will revert to the Government; relative to other creditors, this Government is entitled to priority payment of loans; the two companies also need to "turn debt shares "approach to two-thirds of debt reduction. In addition, the two company's management should be before the end of 2009 and trade unions to cut wages and benefits to reach the agreement to pay the workers fell to the Japanese automotive industry peers with a similar level.
Sound alarming decline in the European market
In November 2008, the European car sales fell 25 percent, to less than 870,000, of which Europe's largest auto market the German car sales dropped 17.7 percent; the UK market sales fell 36.8 percent; the French market, sales fell 14% ; the Italian market fell 30.3 percent in sales. From already published data, in December more sluggish European car market. As the financial crisis spread in the global bank's "credit crunch" situation remains serious, short-term bank lending rate high. Loan threshold is high and the cost high, to the general public, Opel and other German car companies and automotive-related bank showed a serious lack of liquidity.
Bloomberg News published the text, said Ford is considering the sale of Volvo, to respond to the automotive industry is facing unprecedented external challenges. Ford Motor Company in a statement that the company made the decision to sell Volvo brand is to fully take into account the global automotive market in the doldrums, and the plan for the sale is likely to last several months. Ford Motor in 1999 from the Swedish truck maker AB Volvo punishable by 6.4 billion U.S. dollars acquisition of Volvo brand, was not until last year the brand has maintained its acquisition value.
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