Toyota loss signals end of road for president

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Akio Toyoda, grandson of the company's founder, is tipped to take over. Toyota's operating loss forecast of 150 billion yen (£1.15 billion) for the year ending in March, its first loss in 71 years of operation, this week sent shock waves round the world.

In Britain, where Toyota has built a major presence in the past 20 years, sales slumped 11% in the past year. Latest figures reveal monthly UK year-on-year sales down over 40%.

Watanabe, 66, took the top job in June 2005, and the company overtook General Motors as the world's top-selling brand while he was at helm.

But disaster struck as global sales crashed because of hard-to-get credit and consumer fears of the storm to come. Toyoda, 52, is an executive vice president and serves on management boards for Toyota divisions including the unit that handles operations in the Americas.

Toyota employs more than 4000 people at its Burnaston plant in Debyshire assembling Avensis and Auris models. A further 700 workers make engines at Deeside in North Wales. Toyota is reckoned to have invested more than £2 billion in British carmaking.

The marque only began to turn a profit from the UK operations four years ago, with many cars destined for export to Europe.