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Toyota posts £2.9bn loss

 

Toyota has made its worst annual loss ever due to the recession-fuelled slump in demand for new vehicles.

It announced a net loss of 436.94bn yen (£2.9bn) in the year to March 31.

The world's biggest carmaker said it expects to make a bigger loss, of around £3.7bn, in the current financial year.

It blamed the loss on high raw materials prices and a strong yen, which makes selling its cars overseas less profitable.

Toyota has seen a "significant deterioration in vehicle sales, particularly in the US and Europe".

The carmaker has cut production at many of its global assembly plants.

Toyota last made a net loss in 1963.

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