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Automobiles

Toyota forecasts 80% decline in annual operating income

Honda scraps earnings forecast after coronavirus wreaks havoc in auto industry

Toyota has had to close plants around the world because of the coronavirus pandemic.

TOKYO -- Toyota Motor is facing an 80% drop in operating income this year, the Japanese car giant admitted on Tuesday as disruption caused by the coronavirus pandemic rips through demand and production in the global automotive sector.

But Toyota said it expected sales to recover to pre-coronavirus levels by 2021, defying some analysts' expectations of a more prolonged industry slowdown.

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