Toyota has cut its annual profit forecast by half after destructive floods in Thailand, a crucial manufacturing hub, hurt production in a year already marred by natural and nuclear disasters in Japan.
Net income at Toyota, which analysts say is likely to lose its title as the world’s biggest car maker this year, is expected to fall 54 percent, to JPY180 billion (USD2.32b) in the financial year that ends in March, the carmaker said.
Global sales are likely to fall to 7.38 million vehicles, down from an earlier forecast of 7.6 million, Toyota said.
(Source: The Sydney Morning Herald Online )