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Toyota Expects Billion-Dollar Loss for 2008

Toyota Motor Corporation says it expects to post its first-ever operating loss for 2008, according to multiple news sources. At a press conference this morning, Katsuaki Watanabe, the company's president, told reporters the loss for fiscal 2008, which ends in March 2009, will be approximately US$1.67 billion. "We are facing unprecedented emergency circumstances," he said. "The company has decided to either delay or review almost all projects aimed at expanding production ability or building new plants." The company had previously announced it would postpone the launch of a new Prius factory in Mississippi and scale back production in India. The company is also declining to announce a sales forecast for the next fiscal year, a first in the company's history. "The markets are changing every week and even every day," said Watanabe. "It is extremely difficult to read the conditions of the global markets now."

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