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Toyota, which reported a $7.7 billion loss during the first quarter of 2009, said that it will cut its vehicle production by 28 percent this year to the lowest level in 7 years.  It said that it aims to produce a total of 6.68 million units in 2009, down from 9.24 million in 2008.

“We expect the severe conditions to continue this year,” said Toyota spokeswoman Ryoko Nishinohara.

Toyota said that it expects it current fiscal year of March 2010 to be the worst ever, forecasting a loss of $5.7 billion.

Source: Detroit News