Here’s a story that we missed late last week, probably because we were busy having nightmares about snake heads. Toyota lost $7.74 billion this past quarter. That’s more than GM (though less than GM pre-bailout), and much more than predicted. It’s the company’s first annual loss since Elvis was in the Army.

The reasons for this are pretty obvious. Toyota’s troubles are caused by a bad economy, the North American credit crunch, and a strong yen. Falling gas prices also make the Prius seem way less cool.

Toyota Posts Big Loss, Signals More to Come [Wall Street Journal] (Thanks to everyone who sent this in!)

(Photo: blue_j)

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.