Toyota is forecasting the first drop in its annual profits in nine years, blaming the weak US economy, a stronger yen and rising raw material costs.
The pessimistic prediction came after disappointing fourth-quarter results for Toyota. Its profits in the last quarter of the financial year slumped by 28 per cent, although the Japanese giant is still on course to overtake GM as the world’s top-selling manufacturer.
"The business environment is extremely difficult," Toyota president Katsuak...
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