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Wed May 11, 2011
Toyota's profits plummet 77% in first three months of year
Toyota’s profits fell 77-percent in the first three months of the year. That’s in part because the strong yen versus the dollar eroded the Japanese company’s profitability overseas.
The company’s global production also plummeted after the tsunami damaged many Toyota parts suppliers in Japan.
Aaron Bragman is an analyst with I-H-S Automotive. He says Toyota is, at least, on the mend from last year’s recall crisis.
"And we have to remember that this is still Toyota, they still have an extremely strong manufacturing ethos, they know what they’re doing, and they know what they need to do."
Bragman says Toyota is considering moving some car production out of Japan to save money and make the company less vulnerable to disasters.
That would be an historic change for a company that has gone to great lengths to preserve jobs in its home country.