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Toyata: money-losing automaker
Toyota is ‘grasping for salvation,’ risks ‘irrelevance,’ chief says
Posted Friday, Oct 2, 2009, 11:11 am in Employee News
Toyota Motor Corp. President Akio Toyoda said his money-losing automaker is “grasping for salvation” as it struggles to return to profit, the Automotive News reported.
The world’s largest car company was once targeting annual sales of 10 million vehicles, but now expects sales of 7.3 million this year, down from 8.97 million in 2008, Toyoda said and the trade paper reported. Toyoda, grandson of the automaker’s founder, said Toyota is on the brink of “capitulation to irrelevance or death” as he prepares for a second-straight year of substantial financial and unit-sale decreases, the Automotive News said.
Citing the five stages of corporate decline outlined in the book “How the Mighty Fall,” the Toyota chief warned that his company has slumped to stage four, the paper said. “We are grasping for salvation,” Toyoda said, adding that the company has already spiraled through the first three stages: Hubris born of success, undisciplined pursuit of more and denial of risk and peril, the story said. (Automotive News)
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Rick
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