Japanese auto giant Toyota Motor Corp. is planning to downgrade its earnings forecasts for the year to March 2009 amid the global financial turmoil, according to reports.
Toyota's operating profit for the year to March is expected to tumble around 40 percent from the previous year to about 1.3 trillion yen (12.8 billion dollars), falling short of a 1.6 trillion yen projection as the worldwide financial crisis dampens auto demand, the Japanese business daily Nikkei reported on Wednesday.
Toyota may fall short of its global sales target of 9.5 million units this financial year and could see sales fail to reach its current 25 trillion yen projection, it said, without citing sources.
The mass circulation Yomiuri Shimbun reported that Toyota will downgrade its full-year profit forecast, largely due to dwindling sales in the United States.
Officials were not immediately available for a comment on the reports.
In August, Toyota was forced to put off its goal of becoming the world's first automaker to sell more than 10 million vehicles in a year due to slowing demand. It slashed its 2009 calendar year sales forecast to 9.7 million vehicles, down from a previous target of 10.4 million.
