Posted on 03/03/2009 3:43:34 PM PST by Smogger
Toyota's financial unit has asked for an emergency loan from a state-backed lender, with reports putting the figure at more than $3 billion.
The world's biggest car maker says the international financial situation is squeezing its business, forcing it to ask for an emergency loan from the Japan Bank for International Cooperation.
It is the first time the state-backed bank has been asked to lend to a Japanese car buyer.
It is being reported that Toyota is asking for 200 billion yen.
The world's biggest auto manufacturer is expecting to report a $7 billion operating loss later this month.
(Excerpt) Read more at abc.net.au ...
$7 billion? That’s chump change. America’s bailouts are WAY bigger than that. USA! USA!
LOL! Hey it’s just a start. Once the Japenese get on their game who knows?
In the case of domestic auto, their high costs were what prevented them from competing.
Two different problems with the same result.
Of course. Expect Nissan to step up to Payday Loan next. Either to the French government or the Japanese.
Did you see the auto industry sales reports today? They were all worse than last month ...
Toyota also slowed down its sales by adding $250-$1000 “premiums” on some models.
Murder. No manufactur can survive punishing sales declines like that with such high fixed costs. Plus American's keep changing their mind about what they want to buy because of the fluctuating price of oil. I already have two cars, but if I was going to buy another one it sure as heck would't be a a Prius that was all the rage 6-8 months ago (causing Toyota to massively overbuild them) it would be a heavily discounted gas guzzling luxury SUV. They are being massively discounted.
“Your business cannot drop in months by 30% and still be able to survive.”
Therein lies the plight of the American trucker. Business dropped off to a whopping 56% in then last 2years. Fuel was hovering around the 30-35% level, has since dropped to around 22-25%.
We’ve lost about 250 thousand independents in the last 2 years, and who’s helping them?
Drop in the bucket ping
Yep, I went looking and Toyota had upped the Venza ?? by $1500 premium over list. Nice car, but priced too high.
Too bad they’re not a union shop, Obama would gladly send them some money.
I am looking for one of those big 4x4 SUVs, but worried about what dummer is going to do with gas prices ... so I sit.
The answer is tax cuts, what do you think the odds of that.
Obama is doing this on purpose. I never thought I would see the day when a President of our country would do this to the people. The perils of concentrated federal power are becoming very real.
no bailouts
I want an Escalade :-) I can probably even afford one, but im scaaared.
ArvinMeritor is not long for this world
it is definitely on purpose
There is overcapacity world wide in automobiles. Too many manufacturers
This overcapacity was sustainable only as long as the credit bubble grew
Billions of people would love to buy automobiles but don't have the money and never will
What is your source for this?
I believe they are set to report a quarterly loss of $7bn later this month, but that is different.
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