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Industry news: Toyota asks Japanese government for loan
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2008 Toyota FJ Cruiser
Toyota, which has been hit just as hard by the global financial crisis as other automakers, has reached out to the Japanese government, asking for a loan of about $2 billion dollars. The loan--which hasn't yet be approved--is intended to help Toyota's financial services arm provide loans to its customers, since accessing credit is difficult right now. Toyota says that it's not in financial trouble, but simply needs the loan to improve access to credit for its customers.
The Examiner's Take
This is another sign of how difficult it can be to compete in the automotive industry when credit is in short supply. Toyota was among several companies--along with Ford, GM, and Chrysler, to see large sales losses yesterday. Considering Toyota's reputation for quality and reliability, this tells me that auto sales won't truly get out of the dumper until lending resumes at a normal pace.
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