22/12/2008
NEWS STORY
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Japanese giant Toyota is expected to announce that due to the rising value of the yen, combined with the global lack of demand for new cars, it is facing the prospect of making a loss for the first time since 1941.
When the figures are announced later today, it is widely predicted that they will lead to further devastating falls on the Japanese stock market as the nation's exports fall by 26.7% in one year.
Toyota president Katsuaki Watanabe says the company expects to sell 8.96 million vehicles in total this year, down 4% from the previous year.
"The change that has hit the world economy is of a critical scale that comes once in a hundred years," he said.
Ever since Honda announced its withdrawal from the Formula One World Championship, there has been speculation as to who might be next. Though the Toyota F1 team has reaffirmed its commitment to the sport, such a decision may well be taken out of its hands, especially with the financial predictions for 2009 looking so gloomy.