TOKYO -- Toyota Motor Corp. got walloped again by tumbling sales as it posted its fourth straight quarter of operating losses in North America. But there were faint signs of recovery.
The world's biggest automaker managed to whittle down the red ink in North America to $38.7 million in the April-June period, the company's fiscal first quarter. That wasn't pretty but still a big improvement over the $1.85 billion operating loss January-March.
Ambitious cost cuts and drastic inventory reductions helped battle the decline. Toyota now says it can achieve global cost savings of $9.42 billion in the current fiscal year, up from a target of $8.37 billion just three months ago. It cut more than $2 billion during the first quarter alone.
As a result, the Japanese carmaker raised its full-year revenue and unit sales forecasts. It also said its operating and net losses would be smaller than earlier feared.