Toyota Motor Corp: Autos industry faces 2-years of tough times

Akio Toyoda, the new president of the Toyota Motor Corp. has gave a starke warning to the auto industry, saying that it faces another two tough years. Toyoda also explained how he was planning to return Toyota’s bad fortunes in to profit once again.

According to Reuters, Toyota is planning to make its operations in North America more autonomous, they will also focus on marketing a region-specific vehicle line-up, instead of a full line up for a region, which they are doing at the moment.

Most of Toyota’s factories like so many other carmakers are underused; this is a direct result of the global recession. This has already had an effect on Chrysler and General Motors, as they have both filed for chapter 11-bankruptcy protection.

Toyota are now facing their second year of losses, and the Japanese car giant are looking at a number of ways to cut costs, they hope to become more profitable while using just 70 percent of its factories.