Saturday, May 09, 2009
Damn those overpaid UAW workers...
... Oh wait.
Stung by declining auto sales, Toyota Motor Corp. said it lost $7.7 billion in the fourth quarter -- leading to its first annual loss since 1950. And the world's largest automaker said next year may be worse.When you let Fox News and Rush Limbaugh dictate media memes about why companies have hard times, you inherently will end up with contradictions. ¶ 4:29 PM
Chief Executive Katsuaki Watanabe said Friday that Toyota, battered by a strong yen and slumping demand, lost $4.4 billion in its 2009 fiscal year, compared with a $17.7-billion profit a year earlier.
For its current fiscal year, Toyota is predicting an even greater loss of $5.5 billion.
