Michigan News
(2009-11-05)
The Japanese automaker made a profit of 242-million dollars after three consecutive quarterly losses.
Toyota attributes the small but unexpected profit to cost-cutting measures, cash for clunkers programs around the world, and an easing of the recession.
The company will still end the year with a loss, but it will likely be less than half the original forecast.
Toyota also increased its forecast for global sales, from 6.6 million through the end of next March to 7.03 million.
Despite the improvement, Toyota is trailing Nissan and Honda's financial performance.
In the U.S., the company is defending its reputation in the wake of a recall of nearly four million vehicles over defective floor mats that can jam the gas pedal.
© Copyright 2009, Michigan Radio
