In response to bad news across the boards for the automotive industry in Europe and North America, Toyota, tripled its projected annual loss, the first it will accrue in 70 years of operation, to $4.95 billion.

The fiscal year for the world's largest automaker ends March 31, at which time Toyota expects annual sales to have fallen 17.87 percent to just 7.32 million units. The company, like all major automakers, is feeling the effects of the lowest industry sales figures in the United States in 25 years.

In the U.S., Toyota saw a 15.4 percent drop in sales in 2008 over the 2007 numbers. In January, those sales fell another 31.7 percent with overall U.S. sales for the industry down 37.1 percent.

Acknowledging overcapacity in a collapsing market made worse by moves to expand its North American production, Executive Vice President Mitsuo Kinoshita said, "As the business expanded, there may be certain issues we didn't pay enough attention to."

In response to a report by Japan's Nikkei newspaper, which reported last month that Toyota would lay off a thousand full-time jobs in North America and Britain, Kinoshita said, ""Outside of Japan, we intend to make every possible effort to protect the jobs of our employees."