Economic Impact of the Toyota Research Proposal

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While Toyota denies this allegation, it is important for the company's very survival that it appear to be transparent and forthcoming in its approach to information and safety.

Economic Impact -- There are both macro and micro implications for the Toyota issue. The recall, of course, came at a difficult time for all automakers who are struggling to emerge from lagging sales. On the day of the recall almost 1000 jobs were cut in one Toyota plant, and the economic impact is expected to be about $2 million/month to total almost $2.5 billion. Toyota's stock shares fell by 15%, and the loss of jobs in manufacturing, sales, and dealer repairs has yet to be calculated. Additionally consumer economics are affected due to the devaluation of Toyota models, some now upside down on relatively new vehicles. Sales, too, are expected to dramatically fall, which has an effect on the local economy, the national economy, and the global economy. Players in the range of Toyota's annual production and revenue affect the economies of more than one nation -- in particular in this case, that o f Japan and the United States, with peripheral effects in the EU and other parts of Asia. Transportation unions on the West Coast (Los Angeles, Seattle, and Portland) also face a reduction in force as shipping from the automaker declines.

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On the other hand, Toyota's loss may or may not have a potentially positive impact on U.S. automakers, especially Ford, GM and Chrysler. It is not yet clear whether this event will allow greater economic life into the U.S. auto industry, perhaps even supplanting the loss in jobs and manufacturing from Toyota's downturn. It also remains to be seen what the global sales of U.S. cars will be if Toyota loses a larger chunk of its market share. Unfortunately for many Japanese automakers, a recent problem with Honda has consumers and analysts concerned that the public's perception will be tarnished, and therefore plunge some of the industry back into economic recession. Likewise, the overall and long-term effect for consumers is not yet known, depending on what happens to the value of the product over time......

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