Toyota is reportedly predicting the financial collapse will leave it with its first net loss ever.
Japan's Kyodo News agency and business newspaper The Nikkei report the Japanese automaker has revised down its projections for the fiscal year through March for the third time as demand for cars dries up. Toyota is apparently expecting an operating loss around $4.5 billion, rather than its earlier projection of $1.7 billion.
It had previously predicted it would be saddled with its first operating loss in 70 years, but said it would eke out a small net profit. That expectation has since evaporated, according to the report.
Toyota says it is compiling projections ahead of its earnings report for the October-December quarter, scheduled for release on Feb. 6.
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APPHOTO TOK105 (12/11/08)>>
: People look at Toyota Motor Corp.'s ultra-compact vehicle iQ at the Toyota booth during the latest environmentally friendly technologies and products fair "Eco-Products Exhibition 2008" in Tokyo Dec. 11, 2008. Toyota Motor Corp. expects a net loss for the fiscal year through March, the first in more than four decades for Japan's biggest automaker as it deals with a global collapse in demand for cars, news reports said Friday, Jan. 30, 2009.
