Toyota’s new president Akio Toyoda is predicting “two more difficult years” before the world’s largest car manufacturer recovers.
Speaking at a press conference in Japan, Toyoda said the firm “was in the middle of a storm” but he predicted a return to profit “as soon as possible”.
Toyota is cutting costs on a massive scale to try and soften the blow of falling worldwide sales of its cars. Last year, it posted a loss for the first time in the company’s history.
Toyoda is promising to be a “hands on” president, as he wants to get involved in the testing of cars. He also recently raced a Lexus LF-A GT car.
He has promised to take a 30 per cent pay cut to help save costs, as have other board members.
Toyota is predicting it will suffer a drop of 1.07 million units in global sales in 2009, to 6.5 million.