Toyota tumbles down Forbes' list of top firms
Published 22/04/2010 | 10:20
Toyota, struggling to regain its reputation after recalling more than 8 million cars globally, fell to 360th from third in Forbes magazine’s annual list of the world’s 2,000 leading companies.
Toyota dropped far below rivals Ford and Honda, which ranked 58th and 86th, respectively, according to the magazine’s ranking, published yesterday.
The company faces at least 180 consumer and shareholder lawsuits stemming from recalls due to unintended acceleration and may suffer $2bn in lost sales and warranty repairs.
Toyota recalled its Lexus GX 460 SUV and agreed to pay a record $16.4m US fine this month, further tarnishing its reputation for safety under President Akio Toyoda.
The survey uses an “equal weighting of sales, profits, assets and market value to rank companies according to size,” Forbes said on its website.
The company posted a 436.9 billion yen (€3.50bn) loss for the fiscal year ended March 2009, its first annual deficit in 59 years.
The carmaker’s stock has fallen 7pc this year, compared with a 2.3pc advance for Honda.