Toyota, the world’s largest automaker which outsold the General for the first time this year, is not all smiles. The Japanese automaker reported that fourth-quarter earnings fell 28 percent to $3 billion. Toyota also forecasted its first annual profit decline in seven years.

For the next fiscal year, Toyota expects to earnings to decline by 27 percent to $12 billion. Global sales are expected to rise only 1.6 percent to 9.06 million.

The Japanese automaker faces a weak dollar that has fallen more than 10 percent against the yen as well as rising prices for raw materials. Not to mention the North American market is facing slow auto sales and an economic downturn.

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Source: Reuters