Toyota ( TM) expects its worldwide production to drop about 12% in the next fiscal year to its lowest level in seven years, according to a published report.

The world's biggest car maker by volume told its suppliers that it projects manufacturing about 6.2 million vehicles in the fiscal year starting April 1 compared with an estimated 7.08 million this business year, the Wall Street Journal reports, citing a person familiar with the matter.

The volume doesn't include vehicles produced by its Daihatsu Motor and Hino Motors subsidiaries, the Journal adds.

Toyota is forecasting its first net loss in 59 years this fiscal year ending March 31 because of a slump in global sales.

Data released Monday showed that overall February auto sales sank 32.4% in Japan, the seventh straight month of declines, according to the Japan Automobile Dealers Association.

Toyota's projected production level for next fiscal year would be its lowest since the fiscal year ended March 2003. It would follow this fiscal year's estimated 19% slide to 7.08 million vehicles, the Journal reports.
This article was written by a staff member of TheStreet.com.

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