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Toyota forecasts $4.95 billion annual loss

Posted Friday, Feb 6, 2009, 12:00 pm in Industry/ Employee News

Toyota Motor Corp. announced today it expects to report its first annual operating loss in seven decades—$4.95 billion—in the fiscal year ending March 31.

The deteriorating outlook, including in a fiscal third-quarter report, comes just six weeks after the Japanese automaker reversed its original forecast for a profit this year to a $1.65 billion operating loss.

Toyota also said it will try to bring down fixed costs by $5.4 billion, or 10 percent, by freezing plans to build new plants and expand production capacity. That will affect several factory projects in the pipeline, including plans to build a new Prius factory in Mississippi and set up new car plants in China, India and Brazil.
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