Report: Toyota increases global sales forecast by 3%

According to a report by Tokyo Shimbum daily, Toyota Motor Corp. has increased its global sales forecast for the 2009 calendar year by 3 percent to 6.7 million cars. The world’s largest automaker said it is raising global production by 8 percent to 6.45 million vehicles for 2009, which it says is due to the effect of government subsidies and tax incentives on new fuel-efficient cars.

Toyota officials would not comment on the report.

In its hometown of Japan, Toyota’s sales picked up 9 percent in August from the same period during last year. It asked the Japanese government to extend deadlines for incentives on fuel-efficient cars to the end of March 2012.

Toyota has been struggling with the worst downturn since it was founded in 1937.

– By: Stephen Calogera

Source: Reuters