The nation's Big Three automakers aren't the only ones struggling in the current recession. This week, Toyota (TM) indicated that it would be facing its first operating loss since 1941.
The Big Three – Ford (F), GM (GM) and Chrylser – have seen their financial troubles getting perhaps the most media attention this year. However, figures released at the end of last quarter showed that nearly all automakers, including Toyota, had posted double-digit declines in auto sales in recent months.
"The change that has hit the world economy is of a critical scale that comes once in a hundred years," Toyota president Katsuaki Watanabe was quoted as saying by the Associated Press. The company reportedly expects a $1.66 billion operating loss through the current fiscal year.
Toyota posted a relatively modest 23 percent drop in sales for the third quarter – "relative" meaning that its Big Three rivals posted far greater declines. For example, GM posted a 45 percent drop in sales, while Ford was down 32 percent.
However, U.S. automakers may have some potential for relief on the horizon now that the White House has signed off on low-interest loans that could keep them functioning in the short term.
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