TOKYO — Toyota Motor Corp. expects a net loss for the fiscal year through March, news reports said, as Japan's biggest automaker deals with a global collapse in demand for cars.
Toyota plans to revise down its projections for the third time, with the operating loss now expected at around $4.5 billion from the earlier projection of $1.7 billion, Japan's Kyodo News agency and respected business newspaper The Nikkei reported.
The carmaker previously had predicted its first operating loss in 70 years, but said it expected to eke out a small net profit. Toyota now expects a net loss for the fiscal year, the reports said.
That would be the company's first annual net loss since it was founded in 1937.
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Toyota spokesman Hideaki Homma declined to comment because the company is currently compiling the projections ahead of its earnings report for the October-December quarter, scheduled for release on Feb. 6.
Toyota has been hammered by the collapse in global demand for cars, and is slashing its number of temporary workers.