Toyota

(TM) - Get Report

is expected to slash its 2009 sales forecast by at least 1 million vehicles and outline plans to cut costs at its year-end news conference next week,

Reuters

reports.

Toyota has said it will announce revised 2009 sales forecasts at its year-end news conference on Dec. 22. The automaker lowered forecasts in August before car demand started tanking as the global economy imploded with the failure of

Lehman Brothers

,

Reuters

reports.

"We think further production cuts are unavoidable and believe Japanese branded carmakers should prepare for a deep retrenchment in demand," JPMorgan analyst Kohei Takahashi wrote in a report, according to

Reuters

.

Japanese media have estimated Toyota's group-wide global vehicle sales for 2009 at between 8 million to 8.7 million units, down from the record 9.37 million in 2007 and far from the company's most recent forecast of 9.7 million units,

Reuters

reports.

This article was written by a staff member of TheStreet.com.