Toyota Seeks Loans From Japan After First Loss in 59 Years

March 3, 2009

(ChattahBox) — This is sounding all to familiar, an automobile maker with it’s hands out seeking a government loan, but it seems to be a reality in this world economic crisis.  Toyota Motor Corp., is now apparently seeking loans from the Japanese government after forecasting its first loss in 59 years, partly due to plunging sales in North America. Toyota’s financial unit is asking for 200 billion yen ($2 billion) in loans, NHK reported today, as private investors demand up to 50 percent more in interest for the company’s debt.

The automaker is projecting a net loss of 350 billion yen after vehicle sales in the U.S., traditionally Toyota’s most profitable market, plunged 31 percent last quarter.

The government aid would mostly be used to help offer loans to customers in North America to stimulate sales.


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