Toyota's new leader outlines plans

TOKYO, June 25 (UPI) -- New Toyota Motor President Akio Toyoda said Thursday every effort will be made to avert a loss for the third straight year for the Japanese automaker.

"Tough conditions are likely to continue for the next two years," Toyoda, a member of the founding family of what is now the world's largest automaker, told a news conference in Tokyo, the Kyodo news agency reported.

"We will take every possible measure'' to prevent a loss for the third year, he said.

The company reported its first group loss of 436.9 billion yen ($4.5 billion) in fiscal 2008 ended this March, the report said. That compared with a profit of 1.72 trillion yen ($17.85 billion) in the prior fiscal year.

Kyodo said the company is anticipating an operating loss of 850 billion yen ($8.8 billion) in the current year.

Toyoda, the grandson of founder Kiichiro Toyoda and who joined the firm in 1984, told reporters he will return 30 percent of his monthly salary for a year beginning in July.

Toyoda took over the top job Tuesday. He said the company will focus on local market needs.

''We built our product strategy on offering a full lineup in all regions,'' Toyoda added. "We would like to continue, but we have to wait on that in view of our current strength and capability.''

Contrary to some expectations, he said North America will continue to be a key market that will form ''the pillar of Toyota's overseas strategy.''

He said the company will continue to put resources into expanding the lineup of eco-friendly cars, focusing particularly on gasoline-electric hybrids.