Along with virtually every other automaker, Toyota has struggled to make a profit this year. According to a new book on the subject, Toyota’s newly installed CEO, Akio Toyoda, says the automaker is “grasping for salvation.”
“Toyota has become too big and distant from its customers,” said Toyoda.
With the automaker projected to lose $8.4 billion this year, Toyoda blames in part the “very tough” currency exchange rate. “When you get to this level, it makes it difficult to return to profit on sales growth alone,” added Toyoda.
Global sales are expected to fall 18 percent from last year to 7.34 million units. This shortage leaves production at 70 percent of Toyota’s total production capacity. Toyota has a claimed target of 10 million units of output. Sales in the U.S. are down a staggering 28 percent compared to last year.