Toyota Motors Corp. of Japan, the world's largest automaker, said it lost $4.4 billion in the fiscal year ending in March, its first negative year since 1950.

A year ago, the company posted a record profit of $17.3 billion, The New York Times reported Friday.

Toyota had run just behind General Motors Corp. in annual sales volume in recent years, but finally took the No. 1 one position in 2008, ironically during a precipitous slump in worldwide automobile sales.

The company's fiscal year ends on March 31. In fiscal 2007, Toyota sold 7.56 million vehicles. Last year, sales dropped to 6.5 million units, a 14.1 percent decline.

GM said Thursday it lost $6 billion in the first quarter. It said it would close 16 of 47 U.S. factories this year and lay off 27,000 workers as it struggles to remain out of bankruptcy.

Toyota has also slowed down production. Earlier this year, it laid off 6,000 temporary workers and said it would sharply cut pay among managers.