Toyota Motor Corp. on Monday forecast its first-ever operating loss this year as the global slowdown creates “an unprecedented crisis” for the long profitable automaker.
Toyota’s sharp cuts in forecasts marked a deepening of the woes plaguing the auto industry, which has seen General Motors and Chrysler, two of the US Big Three automakers, on the verge of collapse due to the global financial turmoil.
I wonder how far the auto industry bailout will go towards actually salvaging the future of any of the Big Three. It’s even more sketchy with the AP’s story today where the banks that received over $1 billion in bailout money refuse to say where any of that bailout money is going. Despite the apparent necessity of saving 3-4 million jobs in the auto industry, I doubt any bailout is ultimately going to help without oversight.
And speaking of which: