Toyota reports worst-ever losses

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The outlook is even grimmer: The world's biggest vehicle maker projects that net losses will deepen to 550 billion yen (£3.68 billion) for the fiscal year to March 2010.

President Katsuaki Watanabe said the devastating results were caused by "the significant deterioration in vehicle sales, particularly in the US and Europe", the strong yen and the rising cost of raw materials.

For the January-March period in 2008 - back when sales were booming - Toyota had a net profit of 316.8 billion yen (£2.11 billion).

But Toyota's business has been hit hard by the US financial crisis and credit crunch, which sent ripple effects around the world.

Annual sales plunged 21.9% for the fiscal year ended March 2009.

For the current fiscal year, it expects sales to slide another 19.6%.

The maker of the Prius hybrid and Lexus luxury models is expecting its operating loss - reflecting its core carmaking business - to deepen to 850 billion yen (£5.69 billion) for the year to March 2010 from 461 billion yen (£3 billion) this past year.