Toyota City feels the pain

Japan’s automakers aren’t seeking bailout, but Toyota’s hometown may soon need a helping hand. According to reports in the local media, Toyota City expects its tax income this year to fall 90% short of its target. The city, which is twinned with Detroit and was called Koromo up until 1959, had been expecting to raise $455 million in taxes, but with its resident car maker’s profits slumping, it now only expects to rake in $43 million—not much for a city of 400,000.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.