The world’s biggest car manufacturer Toyota has today announced its first ever annual loss. A net loss of £2.9 Billion, strange when the same period last year was a record in profits for them.

Toyota along with fellow Japanese car maker Honda ceased production early in the year as stocks of new cars weren’t been shifted and where sitting on the docks.

The president of Toyota Katsuaki Watanabe stated “he fall into loss was ‘a consequence of the significant deterioration in vehicle sales, particularly in the US and Europe’”

Toyota also don’t see this problem been resolved quickly and are expecting a loss of £3.7 billion in 2010

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