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Toyota Asks Japan for a Bailout

By Kevin Spak,  Newser Staff

Posted Mar 3, 2009 7:54 AM CST
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(Newser) – Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a net loss of $3.6 billion, thanks to a 31% drop in US sales last quarter.

Visitors look at the models of Toyota Motor Corp. vehicles at its gallery in Tokyo Dec. 26, 2008.
Visitors look at the models of Toyota Motor Corp. vehicles at its gallery in Tokyo Dec. 26, 2008.   (AP Photo/Koji Sasahara)
A man walks by a Toyota Lexus RX350 at Lexus RX Museum in Tokyo during its media preview Monday, Jan. 19, 2009. Toyota Motor Corp. runs the special event\
A man walks by a Toyota Lexus RX350 at Lexus RX Museum in Tokyo during its media preview Monday, Jan. 19, 2009. Toyota Motor Corp. runs the special event\   (AP Photo/Koji SaSahara)
Unsold 2009 Prius sedans sit at a Toyota dealership in Frederick, Colo., Thursday, Nov. 27, 2008.
Unsold 2009 Prius sedans sit at a Toyota dealership in Frederick, Colo., Thursday, Nov. 27, 2008.   (AP Photo/David Zalubowski)
Visitors inspect Toyota's compact car IQ at Toyota Motor Corp.'s showroom in Tokyo, Friday, Feb. 6, 2009.
Visitors inspect Toyota's compact car " IQ" at Toyota Motor Corp.'s showroom in Tokyo, Friday, Feb. 6, 2009.   (AP Photo/Koji Sasahara)
In this Feb. 17, 2008 file photo, the company logo shines off the grille of an unsold 2008 4Runner at a Toyota dealership in the south Denver suburb of Littleton, Colo.
In this Feb. 17, 2008 file photo, the company logo shines off the grille of an unsold 2008 4Runner at a Toyota dealership in the south Denver suburb of Littleton, Colo.   (AP Photo/David Zalubowski, file)
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COMMENTS
Showing 3 of 3 comments
Guest
Mar 2, 2009 10:12 PM CST
First loss in 52 years and you need money ALREADY??? Ohhhh what a feeling Toyota. These corporations are like drug addicted children hitting their gullible parents up for money.
northeast
Mar 2, 2009 8:27 PM CST
They faced a 31% drop in US sales in one quarter alone, when most of their market is geared towards US sales. $2 billion today is going to be another $2 billion a year from now.
Doctor-Zaius
Mar 2, 2009 8:03 PM CST
Obviously they ran the company poorly and need to be allowed to fail.

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Japan • Toyota • auto industry • loan • bailout • recession depression

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