Toyota lowers 2008 sales outlook, output will fall
Japanese automaker Toyota has said that it plans to sell 9.5 million vehicles this year – down from its original target of 9.85 million but still more than it sold last year. Nonetheless, this is a sign that Toyota’s growth has been slowing down. The new target would increase sales by 1 percent in 2008 – compared to a 6 percent increase in 2007 with a total of 9.37 million vehicles sold.
“The main reason for the change came from the faltering U.S. economy, and how rising oil prices and material costs are dampening the market there overall,” Toyota spokeswoman Kayo Doi told The Associated Press .
Toyota plans to sell 2.44 million units in the U.S., less than the original 2.64 million.
Toyota is ahead of GM in the first quarter of 2008 . The manufacturer of the Camry, Prius and Corolla announced a 2.2 percent increase to 4.8 million units sold in the first six months of this year. Pricing for 2009 models has also been increased by an average of $181 .