Toyota sharply lowers 2009 production targets

Toyota Motor Corp said yesterday that it will cut vehicle production 28 percent this year to its lowest level in seven years.

The world's largest automaker, struggling as sales fall across the globe, says it aims to produce 6.68 million vehicles in 2009, down from 9.24 million in 2008.

Toyota has already said it expects the current fiscal year through March 2010 to be its worst ever financially, forecasting a net loss of 550 billion yen ($5.7 billion).