“I sense that there seems to be much talk about a V-shaped turnaround,” Toyoda said at his company’s earnings announcement, held virtually over Zoom. “By deciding to stop various things, an individual company can turn its results around.
“It bothers me that such action often seems to be praised,” he said. “That’s not right. This is how I feel.”
Even Mazda Motor Corp., which booked a net loss of ¥20.3 billion ($188.3 million) in the January-March period on a 20 percent slide in global sales, plans to hold firm.
“We will not relent in our investment in development and facility for our future growth,” Akira Koga, Mazda senior managing executive officer said last week. “We will continue and step it up.”
The disciplined approach contrasts with surgical cutbacks seen elsewhere in the industry.
Ford Motor Co. postponed its autonomous vehicle commercial services until 2022, for example, and General Motors shuttered its Maven car-sharing service. Some suppliers also are reeling in…