Yes, even the seemingly bullet proof auto makers have stalled.
This morning, Toyota reported abysmal third quarter results and warned that it's heading toward its first annual loss since 1950.
Think about that. For the last 57 years, this company has been profitable and growing.
Even last year, the company made $18.8 Billion in profit. But since then, Toyotas business has plunged.
Look at how much things have slowed down.
- Toyota lost $1.8 Billion in the third quarter.
- Toyota warns it could lose $3.8 Billion this fiscal year.
- Toyota's will build 1.42 million FEWER vehicles this fiscal year.
Believe me, I could go on and on with more stats showing just how much tough things have become for Toyota.
What's gone wrong? Certainly the fall off in sales in the U.S. and Europe are huge, but the exceptionally strong yen combined with Japan's slowing auto market are also squeezing the world's largest auto maker.
Things are so slow in Japan, Toyota has idled all but one assembly line in that country.