Toyota lost $6.9 billion in the fourth quarter and forecast more losses for the current year as its car sales tumble, keeping dozens of its factories underused.
The carmaker posted its first-ever consolidated operating loss last year after a record profit the year before.
Toyota cut its annual dividend for the first time since at least 1994, when it changed its reporting period.
The global downturn has hit Toyota badly as it went from rapid expansion to overcapacity almost overnight.
While the entire industry is caught in the slump and manufacturers are selling cars that have piled up in stockyards, Toyota has been especially vulnerable due to its exposure to the United States and Japan, where sales have plunged to multi-decade lows.
Toyota reported a January-March operating loss of 682.5 billion yen ($6.93 billion), versus a 396.7 billion yen profit a year earlier. Its net loss was 765.8 billion yen, swinging from a profit of 316.8 billion yen in the same period a year ago.
Source: Automotive News
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