Toyota Motor Corp., rocked by a sales slump that led it to project the biggest annual earnings drop in at least 18 years, may win market share with its ability to fund car loans as cash-strapped U.S. competitors seek government aid.
Asia's largest carmaker, leading General Motors Corp. in global auto sales this year, said Thursday net income in the year ending March 31 may drop to ¥550 billion, down from an earlier target of ¥1.25 trillion.
Toyota had an operating loss of ¥34.9 billion in North America in the second quarter as U.S. demand for its trucks and cars dropped 14 percent. The carmaker, with its AAA credit rating, has turned to no-interest loans to spur sales, a measure GM, Ford Motor Co. and Chrysler LLC can no longer afford.