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Fri December 9, 2011
Toyota could lose "world's largest automaker" title
Toyota has sharply downgraded its expectations for what it will earn in the fiscal year that ends in March.
Toyota expects a net profit of $2.3 billion for the fiscal year. That’s less than half the profit it predicted in August.
The automaker is blaming a strong yen, which makes its vehicles less competitive on prices, outside of Japan.
It’s also blaming recent heavy flooding in Thailand, which disrupted the distribution of auto parts.
Toyota is on track to lose its title as the world's largest automaker this calendar year. It sank to No. 3 in vehicle sales during the first six months, trailing General Motors and Volkswagen.