Toyota Motor Corp, the world's biggest automaker, forecast a much bigger-than-expected $8.6 billion annual loss and said it would sell about 1 million fewer vehicles this year, leaving it desperately trying to cut costs in the grip of a severe market downturn. The global crisis that has battered demand for cars and pushed U.S. rival Chrysler into bankruptcy has hit Toyota hard, reversing its rapid expansion into overcapacity almost overnight. Dozens of its factories stand half idle.
The Japanese giant posted its first-ever consolidated operating loss last year after a record profit the year before.
For January-March, Toyota booked a $6.9 billion loss, in line with consensus estimates, and cut its annual dividend nearly 30 percent -- the first cut since at least 1994, when it changed its reporting period.
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