Toyota Motor has denied a Japanese media report it has found ways to save another JPY100bn ($US1bn) this business year, or a third more than initially planned.

The unsourced Jiji news agency report said, according to Reuters, that Toyota had originally planned to cut costs by around JPY300bn but would now manage another JPY100bn yen’s worth from efforts to reduce defects, streamline the design process and other steps with most savings offset by higher prices for steel and other raw materials, leaving the net benefit at around JPY20bn.

A Toyota spokeswoman said there was no change in the automaker’s plans.

The automaker has warned it is about to post its largest operating loss in its history.