Toyota in red for the first time in 71 years

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It is now heading for a full-year deficit of 350 billion yen, almost three times its previous forecast. Revenue slumped 28.4 per cent to 4.8trillion yen during the quarter.

Rating agency Moody's has cut Toyota's rating to Aa1 from Aaa and slapped a "negative" outlook on the firm. The lower rating will raise borrowing costs.

The loss for the three months to December compared with net profit of 459billion yen a year earlier.

The downgrade and mounting losses add to the risk of job losses at Toyota's British plants.

The company has built a major UK presence over the past 20 years but sales in Britain have slumped 11 per cent in the past year.

Toyota's US sales plunged 32 per cent in January.

The firm employs more than 4000 in Burnaston, Derbyshire, and 700 at Deeside in North Wales.