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Toyota Sales Fall Short Of Rival GM

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By YURI KAGEYAMA, The Associated Press

Published: October 23, 2007

TOKYO - Toyota said Monday that it sold 2.34 million vehicles globally in the July-September quarter, fewer than General Motors' tally, as its U.S. rival regained the lead in the race to be the world's top automaker.
Toyota Motor Corp.'s worldwide vehicle sales for the first nine months of this year - at 7.05 million vehicles - also fell short of Detroit-based General Motors Corp.'s sales of 7.06 million vehicles for the same period.

But the numbers Toyota released Monday show the Japanese automaker running neck and neck against General Motors, which sold 2.38 million vehicles in the third quarter.

Toyota beat GM in global vehicle sales in the first half of the year, riding on its reputation for high quality, low-mileage small cars such as the Camry, Corolla and gas-electric hybrid Prius.

Some analysts say it's a matter of time before the Japanese automaker - which grew in the decades after World War II by imitating American automakers - will close in on GM.

Toyota's global vehicle sales for the latest quarter grew 4 percent from the same period a year ago, while sales for the first nine months of the year grew 7 percent.

'With oil prices rising, Toyota has the advantage in the long run,' said Yoshihiro Okumura, auto analyst at Chibagin Asset Management Co. 'Toyota is making a dash to the top.'

Toyota has been in a slight lapse in introducing new models, but its momentum for growth is picking up as it comes out with new offerings, Okumura said. New models tend to boost sales, and some buyers hold off until a product gets remodeled.

In August, Toyota set a global sales target of 10.4 million vehicles for 2009 - a number that would put it far ahead of the current industry record of 9.55 million vehicles sold by GM in 1978.

GM is fiercely fighting back against Toyota by boosting overseas sales. GM has worn the industry crown of No. 1 automaker for 76 years.

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