New president Akio Toyoda predicts two more difficult years for the Japanese giant
25 June 2009

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”.

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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.

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