Toyota in red, looks for green answer

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Toyota, the world's biggest automaker, has made its worst annual loss as demand for its vehicles has plummeted in the global economic downturn.   Toyota made a net loss of 436.94 billion yen ($4.4 billion) in the year to 31 March 2009, compared with a record profit in 2008, and expects to make an even bigger loss in the current financial year, of around 550 billion yen $5.5 billion).   "Both revenues and profits declined severely during this period," said Toyota president Katsuaki Watanabe. He said the loss "was a consequence of the significant deterioration in vehicle sales, particularly in the US and Europe".   The US has been the most profitable market for automakers over the past decade, but ToyotaÔÇÖs sales fell by 746,000 units in the business year just ended, and could reduce by another 600,000 this year.   Watanabe estimated that total light vehicle sales in the US this year will fall to ten million, some six million less than two years ago.   "It appears to take some more time before the financial markets in the US and Europe normalize and the global economy recovers," Watanabe said.   Like many of its rivals, Toyota has cut production around the world. As well as dwindling sales, however, Watanabe also blamed the loss on high raw materials prices and a strong yen, which makes its cars more expensive overseas.   With ToyotaÔÇÖs production capacity around four million vehicles greater than the number it thinks it can sell in this business year, Toyota believes its future depends on its ability to convince American, European and Japanese consumers to ditch gas-guzzling models in favor of low-emission hybrid cars.   Toyota plans to launch four new hybrid models in Japan this year, and a further three overseas.   Watanabe steps down at the end of May after four years as president of Toyota. His successor will be Akio Toyoda, grandson of Toyota founder Kiichiro Toyoda.       *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *