Toyota Motor said Tuesday it lost a net ¥77.8 billion yen, or $819 million, in the quarter that ended in June as global vehicle sales continued to slump. But the Japanese automaker trimmed its loss forecast for the current fiscal year by about 18 percent, to $4.7 billion , New York Times reports.
Toyota , the world's biggest automaker, slipped to its third straight quarterly loss as sales sank by double-digits in Japan, Europe and the United States due to mounting job losses, tight access to credit and volatile fuel prices , euters India reports.
Toyota 's group operating loss stood at 194.86 billion yen in the April-June quarter, compared with a year-earlier profit of 412.59 billion yen, on sales of 3.84 trillion yen, down 38.3 percent.
It now forecasts a group net loss of 450 billion yen, compared with 550 billion yen projected in May , Xinhua reports.
Chinese President Xi Jinping warned his new US counterpart Joe Biden not to push Europe into an alliance against Beijing