TOKYO (Thomson Fianncial) - Toyota Motor Corp., in a close race with General
Motors for the title of the world's top automaker, will lower its global sales
target as U.S. demand slumps, a newspaper said Wednesday.
The Japanese auto giant plans to forecast global sales of 9.5 million
vehicles this year, down from a previous estimate of 9.85 million, the Yomiuri
Shimbun said in its evening edition, quoting unnamed company sources.
The downward revision was mainly due to a slump in sales of large vehicles
in the United States amid soaring fuel prices, while sales were also down in
Europe and Japan, the top-selling Japanese daily said.
General Motors has also been hit by soaring oil prices. It warned Tuesday of
"significant" losses in the second quarter and unveiled fresh restructuring
measures.
Toyota has enjoyed brisk sales in recent years in the world's largest
economy, but with the U.S. market now losing steam, the group is stepping up its
focus on fast-growing markets such as China, India, Russia and Brazil.
The company said last month that it would cut production at three U.S.
plants in Texas, Indiana and Alabama.
A Toyota spokesman said the company was now reviewing its target but was not
in a position to unveil details. The Yomiuri said that Toyota would make a final
revision by the end of July.
General Motors reported global sales of 9,369,524 last year, just marginally
above Toyota. The Detroit giant has not released a forecast for 2008.
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