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Toyota plans a smaller, lower-priced U.S. lineup

Posted Monday, Jun 29, 2009, 4:26 pm in Employee News

With Toyota Motor Corp. reeling from North American losses, newly installed President Akio Toyoda has ordered his new top U.S. executives to skew the product lineup toward small cars, cut prices and streamline decision-making, the Automotive News reported.

“The new Toyota management feels like we are setting sail during a storm,” Toyoda said at his first public appearance since being confirmed as head of the company his grandfather founded. “The going will be tough for the next couple years.”

Last year the company posted its first full-year operating loss in seven decades, the paper said. In the January-March quarter alone, Toyota plunged to a net loss of 765.80 billion yen, or $7.87 billion at current exchange rates. The red ink surpassed General Motors’ net loss of $5.97 billion that quarter, the paper said.

In January, when he was tapped to become president, Toyoda vowed bold reforms, the publications said. He already has broomed three of four executive vice presidents. Toyoda also brought back three former executives who had left for posts at subsidiaries, an all but unheard-of move, the story said. (Automotive News)
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