Toyota, which just last year posted record profit and dethroned General Motors as the world's largest automaker, said it was headed for its first annual net loss since 1950.
Toyota's loss of 350 billion yen, or $3.85 billion, was largely due to plunging auto sales and a strong yen that made exporting costlier, its executives said.
Toyota is not the only Japanese company reeling from the global slowdown and the strong yen. While Honda Motor Co., Japan's second-biggest car company, is managing to stay in the black, its profits have sunk 87%. The third biggest Japanese car company, Nissan Motor Co., is reporting earnings today.
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