BMW and Toyota have posted huge losses for the second quarter of the year.

Toyota, the World's biggest carmaker, made a loss of £483m, reports the BBC website.

Despite the down turn, the manufacturer upgraded its outlook for the rest of the year saying losses would total 450bn yen rather than 550bn yen it forecast previously.

Meanwhile BMW was less optimistic after saying it saw few signs of a lasting economic recovery.

The company's net profit was £103m, down by 76 per cent compared to a year ago and added the economic uncertainty made it impossible to make any predictions for the rest of the year.

BMW sold 338,190 BMW, Mini and Rolls Royce cars during the quarter, a fall of 18.1% on the number sold in the same period last year.