Like most automobile companies these days, Toyota Motor Corp. (TM) is coming up with its own plan to return to profitability and boost exchange traded funds (ETFs) that count the company as a component.

Toyota is expecting another year of big losses, but it’s aiming to be back in black by 2011. Their cornerstone policy of offering a full product lineup will be abandoned for now, instead shifting the focus to local market in order to become profitable again, explains Trading Markets.

A glimmer of hope lies with Honda and the Insight, their answer to the hybrid Toyota Prius. Juro Osawa for The Wall Street Journal reports that total sales of the hybrid for Honda are between 50,000-60,000 vehicles since its March launch. Annual sales targets are on schedule in Japan, however, the United States is coming under the projected 90,000 mark.

Obama’s new auto plan that offers an incentive for people to buy more fuel efficient cars may be able to benefit both Honda (HMC) and Toyota at this point. Both offer affordable hybrid vehicles that qualify for the rebate. Look for more companies to enter hybrid vehicles into their mix, too. Electric Nick lists a few of the happenings.

GM (GM) is in bankruptcy court today to begin selling its assets to a government-backed company. If the judge okays the deal, a new version of the company could begin operating in a little more than a month, say Micheline Maynard and Michael de la Merced for The New York Times.

• iShares MSCI Japan Index (EWJ): down 1.6% year-to-date;  Honda 2.43%; Toyota 5.6%

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Tags: EWJ, Global ETFs, Japan, Toyota