Toyota to review product ranges

The Prius has been a rare bright spot for Toyota recently

Toyota is to review all of its products as the new president seeks to revive the world's biggest carmaker.

Akio Toyoda, the grandson of the company's founder, also said the next two years would remain tough as the recession has sapped demand for cars.

Toyota in May reported the biggest annual loss in its history, and it has already forecast worse for this year.

"We want to do everything possible to avoid a third consecutive year of losses," Mr Toyoda said.

Mr Toyoda was appointed as the new president this week as the Japanese carmaker aims to turnaround its fortunes.

For the year to 31 March, it made a net loss of 437bn yen ($4.6bn; £2.8bn), its first since 1963. It has predicted a loss of over 800bn yen for the current financial year.

While US rivals Chrysler and General Motors have filed for bankruptcy and borrowed heavily from the government, Toyota is trying ride out the downturn without closing any plants or cutting jobs.

Mr Toyoda said its efforts at reviving its fortunes in Europe would focus on petrol-electric hybrids.

The company launched the latest revamp of its Prius hybrid in Japan last month and has received over 180,000 orders in that country so far.

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