American automakers can take heart in knowing that even mighty Toyota (TM), with its Lean Production System, more advanced cars and lower per-unit production costs is doing horribly in this environment.
In its latest report, the company just doubled its lost estimate for the coming year to $5.5 billion.
And in its fourth quarter ending March 31, the company lost a stunning $7 billion, which — if you you can believe this — is a billion more than what GM says it lost last year. Let that sink in.
Not only that, it slashed its dividend and S&P downgraded the stock to AA. The decline is all the more remarkable in light of a) optimism that the world is turning and b) its being America competitors are total basket cases.