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Version 1 |
| Toyota triples year loss forecast |
Toyota triples year loss forecast |
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(about 2 hours later)
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| The world's biggest carmaker, Toyota, has widened its predicted loss for 2008 after demand for its cars slumped. | The world's biggest carmaker, Toyota, has widened its predicted loss for 2008 after demand for its cars slumped. |
| In December, Toyota predicted it would make a full year operating loss of 150bn yen ($1.65bn; £1.13bn). | In December, Toyota predicted it would make a full year operating loss of 150bn yen ($1.65bn; £1.13bn). |
| The Japanese car giant has now tripled that figure and expects to make a 450bn yen operating loss, the first annual loss at the firm in 70 years. | The Japanese car giant has now tripled that figure and expects to make a 450bn yen operating loss, the first annual loss at the firm in 70 years. |
| Although it has not suffered as badly as its US rivals, Toyota has still been hit by falling demand in the downturn. | Although it has not suffered as badly as its US rivals, Toyota has still been hit by falling demand in the downturn. |
| The strengthening yen has also hit its profitability, by depreciating its overseas earnings. | The strengthening yen has also hit its profitability, by depreciating its overseas earnings. |
| In expanding its loss prediction for the year, Toyota also said it made a loss of 164.7bn yen in the three months from October to December. | In expanding its loss prediction for the year, Toyota also said it made a loss of 164.7bn yen in the three months from October to December. |
| Production cut | Production cut |
| Toyota has also lowered its forecast for vehicle sales for the whole group for the 2008/09 financial year to 7.32 million from 7.54 million. | Toyota has also lowered its forecast for vehicle sales for the whole group for the 2008/09 financial year to 7.32 million from 7.54 million. |
| It had sold 8.913 million vehicles in the year to the end of March 2008. | It had sold 8.913 million vehicles in the year to the end of March 2008. |
| In December, Toyota boss Katsuaki Watanabe said the current downturn was of a size that comes only: "once in a hundred years". | In December, Toyota boss Katsuaki Watanabe said the current downturn was of a size that comes only: "once in a hundred years". |
| Toyota is cutting work to a single shift on 17 production lines lines out of its 75 around the world at different times in January and February. | Toyota is cutting work to a single shift on 17 production lines lines out of its 75 around the world at different times in January and February. |
| It is also closing all Japanese factories for a total of 14 days between January and March. | It is also closing all Japanese factories for a total of 14 days between January and March. |
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