Toyota Motor Corporation (TMC) on Friday reported a staggering 160% year on year fall in operating profits for its fiscal third quarter ended 31 December, 2008, posting a loss of JPY360.6bn compared with a JPY601.5bn profit in Q3, fiscal 2007/8. It has also revised its full year forecasts to operating and net losses of JPY450bn and JPY350bn respectively (this reportedly will be its first operating loss in history and first net loss since 1950) and announced it would develop new vehicles better tailored to regional markets.