Japanese car manufacturer, Toyota Motor Corporation, is expecting an annual operating loss of $4.95 billion in the current fiscal. This will be the company’s first operating loss in the seventy years of its existence. Only recently, Toyota had overtaken US-based General Motors (GM) as the world’s largest automaker. It had sold 8.97 million vehicles last year, as against GM’s 8.35 million.
The situation this year, however, is grim, with the company expecting to sell only 7.37 million units. Not very long back, it had given a slightly more positive annual sales projection of 7.54 million units.
Toyota will also book its first annual net loss since 1950: $3.85 billion, which contrasts starkly with last year’s net profit of $18.9 billion.