Toyota: New CEO, New Car

And in business news, the new head of the worlds number one automaker unveils the companys latest car. Major challenges lie ahead for Toyota. Lets take a look.
World No.1 Toyota will soon see a change in management, but even with new execs and cars like the latest Prius, major challenges lie ahead.

Akio Toyoda, who becomes president next month, faces a potential $8.6 billion in losses at the family firm as well as the worst consumer demand in decades.

Toyoda, grandson of the firm's founder, unveiled the latest Prius Monday, hoping it helps the company quickly regain traction in the key U.S. market.

Orders for the new Prius top 80,000, but the model faces stiff competition for the hybrid crown from Honda's Insight, which topped domestic sales in April.

Toyota, which went from record profit to eye-popping losses, is trying to cut costs, while every 1 yen gain against the dollar means hundreds of millions of dollars in lost profits.

The return of a Toyoda to head the firm for the first time since 1995 has raised some eyebrows, but few envy the task, trying to return the top automaker to the black.

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• Toyota
• CEO
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• Prius
• Akio Toyoda
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• Honda