Toyota posts first-ever annual loss, sees worse ahead | autos | Hindustan Times
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Toyota posts first-ever annual loss, sees worse ahead

Toyota Motor, the world's largest automaker, announced on Friday an annual net loss of 436.9 billion yen, its first ever, and warned it would fall deeper into the red this year.

autos Updated: May 08, 2009 12:04 IST

Toyota Motor, the world's largest automaker, announced on Friday an annual net loss of 436.9 billion yen (4.4 billion dollars), its first ever, and warned it would fall deeper into the red this year.

Toyota president Katsuaki Watanabe blamed "the significant deterioration in vehicle sales particularly in the US and Europe, the rapid appreciation of the yen against the US dollar and the euro and the sharp rise in raw materials."

The company expects a net loss of 550 billion yen for the current year to March and a huge operating loss of 850 billion yen.