Japanese Big Three Profits Evaporate In First Quarter

Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co., Japan’s three biggest automakers, may report quarterly losses after the global recession crippled sales. South Korea’s Hyundai Motor Co. may also say its profit fell to the lowest in at least seven years.

Toyota probably had a net loss of 678 billion yen ($6.9 billion) for the three months ended March 31 from a profit of 317 billion yen a year earlier, according to the median of four analyst estimates compiled by Bloomberg. Net income at Hyundai, South Korea’s largest automaker, probably tumbled 48 percent.

Vehicle demand in the U.S., the world’s biggest auto market, plunged last quarter as the unemployment rate rose to the highest in 25 years. Japanese carmakers have also slashed jobs and production and Toyota will cut managers’ pay while Japan, Germany and China began offering incentives for motorists to spur auto sales.


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Joe_Limon - 4/22/2009 1:45:39 PM

0 Boost

the bigger they are the harder they fall? $6.9 billion is a lot! That is almost American sized losses :P

fatandsassy - 4/22/2009 2:10:33 PM

+1 Boost

Stop wasting the resources and stop making cars that are not selling.

answer - 4/22/2009 2:28:08 PM

+5 Boost

I for one would love to see articles about new models of tires coming out rather than these financial results pieces which, in a dire economy, surprise only the ignorant.

andriko - 4/22/2009 8:22:30 PM

+1 Boost

Is that a gt-r with new rims? It looks that way.

topneuro - 4/23/2009 11:17:59 PM

-2 Boost

Toyota cannot be killed.
http://www.youtube.com/watch?v=Lrk6vsb77xk
http://www.youtube.com/watch?v=0Uc4Ksz3nHM
http://www.youtube.com/watch?v=YfZDtC9kjVk&feature=SeriesPlayList&p=793CABDF042A9514