Toyota Motor slashed its profit forecast Thursday, warning the global auto industry faces an "unprecedented" crisis as Asian stocks tumbled on fears the US is sinking deeper towards recession.
The Japanese giant became the latest automaker to reveal plunging profits due to the financial crisis, following on the heels of BMW, Nissan and Honda.
Toyota , vying with General Motors for the title of the world's top automaker, cut its annual profit forecast by more than half after a terrible year so far.
It now expects a 68 percent plunge in net profit to 550 billion yen (5.6 billion dollars) -- the first drop in nine years.
"The financial crisis is negatively impacting the real economy worldwide, and the automotive markets, especially in developed countries, are contracting rapidly," Toyota executive vice president Mitsuo Kinoshita said.
"This is an unprecedented situation."
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