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Strength of pound continues to plague Toyota

Toyota has warned of high losses in the UK this year amid continuing currency and new car pricing pressures.

In the 1999 financial year Toyota Motor Manufacturing (UK) made a loss of £52m.

Alan Jones, its new managing director, said: "We had a reported loss of £52m last year and the economic conditions which lay behind that loss, such as the pricing issue and the strength of the pound against the euro, have not changed. I anticipate there will be a loss this year." He would not say how big the loss could be.

Despite this warning Mr Jones said excess capacity at Toyota's Burnaston car plant in the Midlands would be utilised. Burnaston produces 176,000 cars a year, around 80% of its capacity.

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