Although Toyota F1’s John Howett told BBC 5 Live that he sees no panic with Toyota’s F1 program, the company announced today an operating loss for the first time in the company’s history.
Japan’s biggest company by market cap said it expects consolidated operating loss of Â¥150 billion, or about $1.68 billion, in the fiscal year through March 31, 2009, hurt by sliding demand in the U.S., Europe and Japan and the rising yen against the dollar. The revision came just six weeks after Toyota revised down its operating profit forecast to Â¥600 billion for the current fiscal year, compared with Â¥2.27 trillion in the year-earlier period.
With the global recession a foregone conclusion, no one know if or when the bottom will be reached. Honda and Toyota suffer from a stronger Yen against other currency as the sales represent fewer dollars on their books. Bridgestone is not exempt from the recession as they have a reduced their forecasts on lower sales demand. Will this affect Toyota’s commitment to F1? According to John Howett, Toyota is staying the course.