Toyota has announced that the automaker will cut production this year by 28 percent to its lowest level in seven years.
Slow sales mean that Toyota will produce 6.68 million vehicles in 2009, down from 9.24 million in 2008.
"We expect the severe conditions to continue this year," said Toyota spokeswoman Ryoko Nishinohara.
Toyota also expects the fiscal year ending in March 2010 to be its worst year ever, forecasting a net loss of $5.7 billion (550 billion yen). In contrast in the fiscal year ending in March 2008, Toyota had a record profit of 1.72 trillion yen.
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