Toyota Asks Japan for a Bailout

By Kevin Spak,  Newser Staff
Posted Mar 3, 2009 7:54 AM CST
Visitors look at the models of Toyota Motor Corp. vehicles at its gallery in Tokyo Dec. 26, 2008.   (AP Photo/Koji Sasahara)
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(Newser) – Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a net loss of $3.6 billion, thanks to a 31% drop in US sales last quarter.