Toyota Motor, the Japanese auto giant, said Monday that it expected its first operating loss in 70 years. That would be the company’s first annual operating loss since 1938, a year after the company was founded, and a huge reversal from the 2.3 trillion yen, or $28 billion, in operating profit earned last year.
Toyota’s numbers show that the worst recession since the worst financial crisis since the Depression is threatening not just the Big Three, but also even relatively healthy automakers in Japan, South Korea and Europe. Other companies are expected to report losses as well.
According to analysts, next year is expected to be even worse. The economy is expected to suffer until next summer.
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