Toyota Motor Corp. (ADR:TM) may not need a government bailout, but it’s hurting badly.

The world’s top automaker said it will announce a revised 2009 sales forecast at its end-of-the-year news conference Dec. 22. The company is expected to slash at least 1 million cars from its original forecast of 9.7 million units, Reuters reported.

It’s also expected to outline cost cutting measures that could include laying off employees, suspending plant operations, delaying the opening of new plants, and cutting the budget for research and development.

According to several Japanese media outlets, Toyota plans to eliminate bonuses for its executives and is expected to post a second-half loss.

One analyst believes the company’s dividend also could be on the chopping block.