Proclaiming that the global economic crisis is "... of a critical scale that comes along once in a hundred years," Toyota President Katsuaki Watanabe cut his company's forecasts to just 50 billion yen ($555M USD). That modest profit (something of a rounding error versus last fiscal year's 1.7 trillion yen) comes at a time when worldwide sales are flagging and the yen is rising.

That 50 billion yen is a long way from Toyota's first initial projection for this fiscal year (1.25 trillion yen, or $13.9B USD), illustrating just how ugly it is out there for every automaker worldwide, and even a far cry from their amended projections from just last month (550 billion yen, or $6.1B USD). Further, Toyota isn't ruling out further profit cuts before the fiscal year is over.

In perhaps its most telling move, Toyota declined to give any guidance for fiscal 2009 or 2010, a move that breaks with company tradition. Click on the link below for more blow-by-gory-blow details of Toyota's fortunes.

[Source: Associated Press]

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