BREAKING NEWS

BREAKING NEWS

Toyota forecasts first-ever loss

Now Reading:

Toyota forecasts first-ever loss

Text size Aa Aa

The world’s biggest carmaker Toyota is forecast to make its first-ever operating loss as the global economic slowdown hits Japan. In the face of a worldwide crash in car sales the firm is predicting a loss of around 1.2 billion euros in core operations

In a rare public statement, Toyota’s President Katsuaki Watanabe said: ‘‘The world has changed dramatically since late last year and the world economy is facing a once in a century crisis. The environment surrounding us is extremely severe, and we are facing an unprecedented, emergency situation where we have no choice but to see an operating loss this year.’‘ The Japanese giant has slowed assembly lines as it attempts to cope with the decline in demand. Toyota has been hit particularly hard by a surge in the value of the yen, which finds itself at a 13-year high against the dollar.