Toyota: On the Road Back to Profit
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By Ned Douthat from OckhamResearch on Covestor.com.
The latest developments in the automotive industry continue to be disastrous. As most are now aware, American auto makers will receive a bailout, even though Congress was unable to reach an agreement on the matter.
However, it is not just American automakers that are dealing with the fallout of collapsing worldwide demand. U.S. sales data for the auto industry were released Tuesday with cumulative sales plunging 36% in December.
The results were abysmal across the board: General Motors (GM Quote) down 31%, Ford (F Quote) down 32%, Honda (HMC Quote) down 35% and Toyota (TM Quote) off 37%. These figures are compared to sales from a year ago, and in that time, the deterioration in both consumer spending and confidence has been drastic. ...
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