Tough times loom for new Toyota chief
10:43 AM Mon, Jun 22, 2009 | Permalink
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TOKYO - Akio Toyoda takes charge at Toyota Motor Corp this week with the company facing its biggest ever loss, but few expect his appointment to bring about the changes needed to drive the world's No.1 automaker back into the black, according to Reuters. Amid a global recession that has hammered car sales, Toyota's factories are severely underused. Making matters worse, Toyota builds about half of its vehicles in Japan, which works against it with the dollar squarely below 100 yen. But unlike bankrupt U.S. rivals Chrysler and General Motors, which have closed plants, slashed jobs and shuttered dealerships in an effort to survive, Toyota has said it plans to ride out the downturn with its production capacity intact, arguing global vehicle demand will eventually recover. 
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