Bullish Toyota Forecasts Raise the Heat Under Ford and GM

Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):

Toyota Raises Half-Year Forecast, Plans 10% Global Sales Increase and Tax Credits on Toyota Hybrids Will Start to Shrink Next Month

Summary: Yesterday, Toyota Motor Co. (TM) boosted its half-year profit forecast by 32% and announced plans to increase global sales by more than 10% over the next two years. Toyota expects to hire 8,000 engineers while struggling competitors Ford (F) and General Motors (GM) are spending billions to reduce their workforces. Similarly, Toyota is developing new models and technology while rival DaimlerChrysler (DCX) is cutting production. One blip on Toyota's otherwise rosy outlook is the imminent reduction of tax incentives on energy-efficient hybrids. Federal tax credits for Toyota hybrids will be halved beginning in October. Full WSJ article >
Related links: Will Ford and GM Forever Take a Back Seat to Toyota? • Toyota Ups Guidance, Sets Global Production Targets • Persistence Pays at Toyota, But Lacking at Ford

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