Toyota Company has revised down their forecast for the second time. It forecast a consolidated operating loss of 150 billion yen ($1.7 billion), for the fiscal year ending March 31, the first in the automaker's history since the Second World War, compared to a 2.27 trillion yen profit a year earlier. Toyota had forecast a 600 billion yen operating six weeks ago, which was revised down from its May forecast of 1.6 trillion yen.
Endo said Honda Motor Co and Nissan Motor Co. were also likely to post operating losses in the second half, if not the full year, reflecting the difficult operating conditions faced by car makers across the board.
Toyota would likely report back-to-back annual operating losses through the fiscal year ending March 31, 2010 because of the likely continued appreciation of the Japanese currency and deteriorating economic conditions in the U.S. and Europe.
Toyota said it expects net income of 50 billion yen, down 91% from its earlier estimate of a 550 billion yen profit. It also lowered its full-year unit group sales forecast, to 7.54 million vehicles from its reduced estimate of 8.24 million vehicles in November.The latest sales forecast marks an 18% decline over the 8.9 million units it sold in the year ended March 31, 2008. Toyota is considering cutting its annual dividend for the fiscal year ending March 2009, which would be the first since the automaker was listed on stock exchanges in 1949.
The company now expects U.S. sales of 2.17 million units -- 250,000 units lower than its previous projection -- while Japan sales are forecast to drop by an additional 70,000 units to 2.01 million. Europe sales were expected to drop even more sharply, to 1.04 million units from 1.21 million forecast earlier.
From Calculated Risk: Japan Exports Decline 27%:
Japan’s exports plunged the most on record in November as global demand for cars and electronics collapsed. Exports fell 26.7 percent from a year earlier, while imports fell 14.4%. And this isn't just because of exports to the U.S. or Europe: Exports to Asia fell 27 percent, the most since 1986, after the first decline in six years in October. Shipments to China, Japan’s largest trading partner, fell 25 percent, the steepest drop in 13 years.
From Calculated Risk: Japan Exports Decline 27%:
Japan’s exports plunged the most on record in November as global demand for cars and electronics collapsed. Exports fell 26.7 percent from a year earlier, while imports fell 14.4%. And this isn't just because of exports to the U.S. or Europe: Exports to Asia fell 27 percent, the most since 1986, after the first decline in six years in October. Shipments to China, Japan’s largest trading partner, fell 25 percent, the steepest drop in 13 years.
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