Japanese car manufacturer, one of the most proactive developers of greener car technology, has surprised the world by announcing low quarterly profits and amending its earnings forecast for 2008.
Proof that no company is immune to the economic turmoil, despite the success of some of their green cars such as the ever-popular Prius hybrid; Toyota has revised its net income down to 550 billion yen down from 1.25 trillion yen.
Profits for quarter two of 2008 fell 47.6 per cent to 493.4 billion yen compared with the same period last year. In the three months leading to September, Toyota’s vehicles sales totalled 4.25 million down 51,000 vehicles compared with Q2 of 2007.
Commenting on the results, Executive Vice President of Toyota Motor Corporation (TMC), Mitsuo Kinoshita said;
“Both revenues and profits declined during this period. Negative results are largely due to the appreciation to the appreciation of the yen and the decline in vehicle sales under difficult market conditions in the U.S and Europe.”
