Toyota’s new president Akio Toyoda says the company grew too much too fast and that’s why it’s facing massive losses for the next two years.
The company just reported a whopping $7.7 billion loss, and doesn’t see profitablity until the end of March 2011.
To turn the company around, Toyoda’s got a vague plan:
WSJ: Mr. Toyoda told reporters that his primary goal is to change the company’s priorities, putting products first, not sales and profits.
“Rather than asking, ‘How many cars will we sell?’ or ‘How much money will we make by selling these cars?’ we need to ask ourselves, ‘What kind of cars will make people happy?’ as well as, ‘What pricing will attract them in each region?’ Then we must make those cars,” he said.
This could just be safe corporate speak aimed at consumers, not shareholders, but it does reinforce certain stereotypical differences between American and Japanese car makers.
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