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 400 billion yen ($4.5 billion) from the earlier projection of 150 billion yen ($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.
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