Even companies with small cars and hybrids can’t escape a slowing economy and high gas prices.
Toyota announced its income for the last three months is down 28 percent compared to last year.
This has led to Toyota’s biggest drop in profits in five years.
The biggest culprit for this slide is sales in the North America, where operating profit fell 57 percent as record gasoline prices cut demand for large vehicles.
This is what forced President Katsuaki Watanabe to halt U.S. production of Tundra pickups and Sequoia SUVs for three months.