Toyota cutting production to 7-year low

The company 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).

The carmaker has struggled to keep up with falling demand, especially in the US and Europe. It has suspended production at factories, cut temporary workers in Japan and offered buyouts to American workers.