Can’t blame this on the unions:
Toyota Motor said Tuesday it lost a net 77.8 billion yen, or $819 million, in the quarter that ended in June as global vehicle sales continued to slump. But the Japanese automaker trimmed its loss forecast for the current fiscal year by about 18 percent, to $4.7 billion.
Toyota, which posted a record loss for the fiscal year that ended in March, said losses in the last three months were smaller than expected thanks to stringent cost-cutting and a decline in inventory.
Government stimulus measures aimed at spurring purchases of low-emission vehicles in Japan and elsewhere provided somewhat of a boost, leading the company to revise upward both its sales and earnings forecasts for the full year. But sluggish sales in the United States, the company’s biggest market, as well as a stronger yen, which erodes the value of overseas earnings, cut into its bottom line.
But I bet they will anyway.