November 19, 2017, 07:50:55 AM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News:
 
   Home   Help Search Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: Oh What a Shame...  (Read 310 times)
0 Members and 1 Guest are viewing this topic.
Cheryl
Moderator
Hall of Fame
*****
Offline Offline

Posts: 5407



WWW
« on: January 16, 2009, 02:18:56 PM »

From Jayski:

"Toyota to cut back in NASCAR: The president of Toyota Racing Development said Wednesday he expects budget cuts in its NASCAR program as the Japanese automaker feels the effects of the global economic crisis. Typically immune from the declining sales that have rocked Detroit's Big Three automakers, Toyota recently said it anticipates its first yearly operating loss in 70 years for the fiscal year ending March 2009. The losses will have a ripple effect on Toyota's racing program, TRD president Lee White predicted. "There is probably not anything on this earth here that Toyota is involved with now that is not under some level of review regarding budget expenditure," White said in a national conference call. "That includes everything that we do, everything that TRD does and everything we do around motorsports. There is a review of everything. Certainly if contracts have expired, it's very likely that contracts have not been renewed, or if they are being renewed, they are certainly being renegotiated." As Chrysler, Ford and General Motors have struggled in this economic crisis -- needing recent emergency government loans to avoid collapse -- Toyota remained relatively healthy. Then came word of the automakers' own losses:Toyota reported that its U.S. sales in December were down 37% on the year, a worse drop than Ford's 32% drop and GM's 31% slide. Toyota has also decided to suspend production at all 12 of its Japan plants for 11 days over February and March. The last time Toyota Motor Corp. halted production at all its Japan plants was in August 1993, when demand plunged because of a rising yen, and that was for only one day. Asked specifically where Toyota will be cutting, White said he didn't expect any manufacturers to make on-track reductions. "In my opinion, the four automotive manufacturers ... the last thing that you'll see any of them reduce is cars on the race track with numbers on them competing," he said. "That is what it takes to gain the hearts and minds of the consumer and hearts and minds of the fans. I think you'll see the four manufacturers still out there, still being represented and still have cars going around the race track. There are different levels of trying to support that, and Toyota does it primarily with technology, parts and pieces, and engineering support. Those things are all under review."(ESPN/AP)(1-15-2009)"

What a shame...If only they'd decide they can no longer afford to be involved in NA$CAR.   I'd heard they had bigger losses last year than the American brands and it didn't break my heart.   Wink

Cheryl
Logged
super61
Grizzled Veteran
*
Offline Offline

Posts: 344



« Reply #1 on: January 16, 2009, 08:38:57 PM »

when i read this last night, the first thought that came to my mind was, cheryl's heart will be a-flutter when she reads this. i dont ever want to see a company go up in flame, but you realize that toyota is not a publically traded company like the big three are here. they are a government-owned corporation. with that said, to lose money for the first time in the 70 year history of the company has got to be a shock and they will make cuts, esp with the rumored gross amounts of money that were tossed into nascar to beat the big three.
Logged

never under estimate what an angry mob can accomplish
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.21 | SMF © 2015, Simple Machines Valid XHTML 1.0! Valid CSS!