Thursday, March 05, 2009

Time for the Japanese version of Bob Corker to stand up against Toyota's Japanese bailout

Maybe in Japan Toyota should become more like America's "Big 3,":
Toyota Motor Corp. reported a 40% drop in February U.S. sales, amid reports that its finance unit is seeking $2 billion in loans backed by the Japanese government to weather the slump in sales.

That's right, even mighty Toyota is asking for a bailout. Or a bridge loan, or helping hand, or whatever they call taxpayer cash infusions in Nagoya.

Jim Press, Toyota's former American sales chief and now president of Chrysler LLC, summed up February's dismal sales, Chrysler's need for federal aid, and even his old employer's troubles.

"Virtually every manufacturer worldwide is stuck in a cash bind," Press said Tuesday in a conference call discussing Chrysler's monthly sales. The reason: tight credit and plunging consumer confidence have sent vehicle sales skidding by 35% to 40% around the globe.

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