For decades GM’s great global rival was Toyota, and 2008 would be the year in which Toyota claimed the title of the world’s leading car producer. It paid a heavy price. In 2009 Japan was rocked by a “Toyota shock” as its national champion reported its first loss in seventy years and cut global production by 22 percent.53 From a profit of $28 billion in 2007–2008, Toyota slid to a loss of $1.7 billion in 2008–2009.
