Two More Years of Recession for Car Japanese Producers

Akio Toyoda the new boss at Toyota, vehicle producer number one in the world, has explained his future plans for returning it to profit. Akio Toyoda the grandson of Toyota's founder became a president at the most decisive moment for the company. The last year was the first one to end with losses for 14 years. He stated, everything possible would be done to avoid a third year of losses adding he would take a 30 percent pay cut for his first year in a new job. Mr. Toyoda stated: "We're looking at two more tough years ahead. But if we unite as one with all our staff from distribution to sales, we'll get over this tough period and Toyota will return to profit."
He announced a new management structure with vice presidents assigned to separate regions to speed up decision-making and make the company more responsive. Also the production of environmentally friendly cars is forecasted. Stock markets negatively responded for Toyoda`s speech.