They’ve done it: Toyota overtakes GM as the no.1 auto maker

99-year old GM has held the number one spot in the automotive industry for 76 years. But now Toyota, has taken the number one spot from GM by selling 2.35 million cars in the first quarter. The tally of cars includes Toyota brand vehicles, Lexus, Scion as well as vehicles from units Daihatsu Motor Co. and Hino Motors Ltd.

Beating GM by 90,00 vehicles, Toyota plans on selling 9.34 million cars in 2007. It said that it expects a net profit of $13 billion for the business year ended last month. It is also adding production capacity hoping to meet its goal of taking 15 percent of the world market by 2010.

GM sold a total of 2.26 million vehicles in the first quart, a 3 percent increase over last year.