Translated from a Nikkei news article published on 12/20/08:

Toyota has decided to delay the production and merchandising of the new compact sports car, which is being jointly developed with Fuji Heavy Industries. The original plan was to start production by the end of 2011 and to launch the product in Japan. The postponement period is still pending but the launch will be sometime after 2012, depending on market conditions. Both companies have worked closely together since April, and the sports car project was supposed to be one of pillars of the collaboration, the domestic market conditions have become more severe. It was judged that securing sufficient sales is very difficult at this time. 

So I’ll repeat, fuck the credit crunch.  That is all.

Update: From Bloomberg on 12/26/08:

Mori reiterated the company’s plan to build a factory in Japan to make a sports car developed with Toyota. Still, the two companies may make “a minor adjustment” to its original plan to start production by the end of 2011, he said.

At least they’re reaffirming that the car will be built.  I guess that’s the consolation prize.  Again, fuck the credit crunch.