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Toyota shrinks Europe operating loss

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Toyota shrinks Europe operating loss

Automaker predicts its sales will be flat in the region this fiscal year

Luca Ciferri

Automotive News Europe -- May 11, 2010 14:00 CET

Aggressive cost cutting helped Toyota Motor Europe drastically lower its operating loss despite a sharp unit-sales decline in the year ending in March.

Toyota Europe's operating loss shrank to 33 billion yen ($357 million) from a loss of 143.3 billion yen in its 2009 fiscal year. During that same period, the Toyota Motor Corp. unit sold 858,000 vehicles in Europe, a decline of 19.2 percent from the 1.06 million units sold in its previous fiscal year.

Toyota's Europe sales took a hit following its late January announcement that it would recall more than 1.7 million cars here, including its top-selling Auris, Avensis, Aygo, Yaris and Prius model lines.

Europe was the region where Toyota lost the most sales, 204,000, in its last fiscal year. North America was second with a volume drop of 114,000 units.

Prior to the crisis, Toyota Europe was a money-making machine. It reported 141.5 billion yen operating profit in its 2008 fiscal year.

A Toyota Europe spokeswoman declined to predict whether the unit would break even financially in the year ending in March 2011. The company does not give financial forecasts by region.

For the current fiscal year the company forecast flat sales – 860,000 units – in Europe including Russia, Ukraine and Turkey.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100511/ANE/100519981/1193#ixzz0ncyO0mRI

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