Toyota Motor forecasted its first ever annual loss since 1941. A leading light in the development of green cars, Toyota Motor Corporation’s forecast car sales down 4 per cent through 2008, leading to a loss of around £1.1bn according to the BBC.
Approximately 800 British jobs could be at risk as Toyota look to reduce 15 per cent of their UK workforce, The Times suggests. Toyota Motor makes its Auris, Avensis and Corolla models in Burnaston, Derbyshire while it also manufactures engines in Deeside, Wales.
Within green circles, Toyota is famed for its Prius model, the first mass-produced hybrid which wowed the world with its impressive eco-credentials of 104 g/km CO2 and combined MPG of 65.7. While the iQ, Aygo and Yaris add to the line up of Toyota’s green cars.
Perhaps proof that no-one is immune to the shrinking world economy; other UK manufacturers are also displaying symptoms of distress. Jaguar Land Rover is also seeking financial assistance worth tens of millions from parent company Tata and from the UK government to enable them to pay their suppliers. Currently Business Secretary, Peter Mandelson is considering offering bridging loans to the endangered UK car manufacturers.
Adding to the line-up is Vauxhall who are in talks with trade unions over pay cuts and a reduction of the working week to just four days for its plant in Ellesmere Port while Honda, Mini, Ford have all announced extended breaks in their UK factories.
