Toyota to review production strategy

Taking the helm at a time when the company is undergoing a downward spiral in revenues, Toyoda stated, "We'll take every possible step to avoid three straight years in the red.”

The company posted its biggest loss in history in May this year. In the previous fiscal year, its net loss was 437 billion yen and in the current fiscal year the company has predicted a loss of over 800 billion yen.

Plans to get back to profitability
Outlining his strategy for the company, he warned of two tough years ahead as recession has cut down the demand for cars.

While major U.S. auto giants like Chrysler and General Motors have filed for bankruptcy, Toyota plans to tide over recession without cutting jobs or shutting down any plant.

In an effort to revive, Toyota is contemplating to set up a company that will specialize in marketing operations, targeting the domestic market.

Toyota also plans to review its entire production line. “This ship is setting sail in a storm,” said Toyoda. "We are making our start from the very bottom."

President accepts responsibility
Taking responsibility for the dismal performance of the company, Toyoda, the newly appointed president of the company, stated that he will voluntarily return 30 percent of his monthly income for 12 months, starting from July.

Despite slowdown, the company has managed to receive over 180,000 orders for its latest car model Prius in Japan.