Following Tuesday's announcement that Toyota expected "to record its first operating loss in more than 70 years" (Guardian), it has been revealed that Nissan "is likely to plunge into an operating loss" for the first time in a decade" (Times).
So marked is the downturn, Toyota, Japan's largest carmaker, has scrapped its previous forecast of 600bn yen operating profit and instead is expected to post losses totalling 150bn yen (£1.1bn). This represents the second profit warning from the car giant in less than two months.
In comparison, Nissan have reversed their forecast of 270bn yen operating profit and are now expected to announce losses of approximately 44bn yen. Such predictions suggest that Nissan are perhaps better placed to weather the storm of the current economic climate. However, Nissan is still on course to cut 1,200 jobs from their plant in Sunderland.
Interestingly, Toyota has taken the unusual step of asking their 2,200 managers to buy a Toyota. According to the Guardian (14/1/09), "managers who take up the offer will receive a "modest" discount if they buy directly from Toyota, but the range of models is limited. They will have more choice if they opt to buy from a dealer, but will pay the same as other customers."
