It seems even the automotive juggernaut Toyota Motor Corporation cannot escape the misery of the North American automotive industry after posting a 28 percent drop in profit to $3.2 billion in just three months. The drop in profit and lack of pickup truck and sport utility vehicle sales have also contributed to the sudden stop in development for the Toyota Tundra heavy duty diesel pickup truck. We originally broke the news back in May of a 7.0 liter diesel eight cylinder motor Toyota had been developing but it seems the glory days of large, gas sucking motors is over (at least for now).

Click here to view pictures of the Toyota Tundra Heavy Duty pickup truck at SEMA 2007

Executive Vice President of Toyota, Mitsuo Kinoshita, stated in an interview "The financial results for this quarter were severe, due to our rapidly changing business environment, including exchange rate fluctuations such as the rise of the yen against the dollar and soaring raw material prices". The 2008 year has been Toyota's first annual decline in seven years, however in 2007 Toyota took home a record $15 billion profit.

There is also talk of Toyota developing a new 4.6 liter eight cylinder motor that will replace the current 4.7 liter engine equipped in the Tundra however those reports have not yet been confirmed.

Source: Detroit News