Toyota Motor Corp. may cut more than 1,000 full time employees in the United Kingdom and North America, the Japanese Nikkei reported citing an anonymous senior company official.

The details of the job cuts may be finalized by the end of January, according to the news agency which said possibly more jobs can be cut, in other regions if auto sales worsen.

The company hasn't confirmed the lay offs.

Toyota became the world's largest automaker snatching the title from General Motors. However, as its competitors, is facing a struggling economy hit by the credit crunch which has sent auto sales down.