Monday, December 22, 2008
Toyota in the red
On Monday, Toyota said it expected an operating loss in its auto operations of 150 billion yen, or $1.7 billion, for the fiscal year ending March 31. That would be the company’s first annual operating loss since 1938, a year after the company was founded, and a huge reversal from the 2.3 trillion yen, or $28 billion, in operating profit earned last year.Does this mean Toyotas non-union workers will have to make wage concessions to bring their pay below union workers to remain competitive?
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