Shake-up at Toyota

Lineup changes are predicted as Toyota reveals it is to review all of its products as the new president Akio Toyoda, the grandson of the company’s founder, seeks to revive the world’s biggest carmaker.
The new president also predicted the next two years would remain tough as the recession has greatly reduced demand for new cars. Toyota in May reported the biggest annual loss in its history, (437bn yen $4.6bn; £2.8bn net). That loss was its first since 1963 and it has predicted a loss of over 800bn yen for the current financial year.

“We want to do everything possible to avoid a third consecutive year of losses,” Mr Toyoda said.

Mr Toyoda was appointed as the new president this week as Toyota aims to turnaround its fortunes.

While US rivals Chrysler and General Motors have filed for bankruptcy and borrowed heavily from the government, Toyota is trying ride out the downturn without closing any plants or cutting jobs.

Mr Toyoda said its efforts at reviving its fortunes in Europe would focus on petrol-electric hybrids.
The company launched the latest revamp of its Prius hybrid in Japan last month and has received over 180,000 orders in its home nation so far.