Akio Toyoda, the newly-appointed president of Toyota Motor Corp, expects it will take be at least another two years before the company turns a profit.
Speaking at his first press conference since taking over the role, Toyoda said: “We want to do everything possible to avoid a third consecutive year of losses.”
The company posted a loss of ¥461bn (£2.91bn/$4.8bn) for the last financial year and forecasts a further loss of ¥850bn for this year. Its worldwide vehicle production fell by 38% last month, to 501,685.
Toyoda, who is the grandson of the company’s founder, plans to weather the storm of the global recession without cutting full-time jobs. Hopefully that will also include those at its F1 team in Cologne, Germany.
Toyoda has not indicated any potential consequences for the company’s Formula 1 team, which has competed since 2002 without winning a race.
Team principal John Howett has played a major role in the Formula 1 Teams’ Association, and has rejected rumours Toyota may pull its team if certain performance objectives (believed to include winning a race and finishing in the top three in the constructors’ championship) are not met.
Read more: Toyota F1 team information