Even the mighty Toyota cannot escape the sudden downturn in auto sales.
The automaker revised its 2009 sales forecast to 9.7 million units. It had previously hoped for sales of 10.4 million, which would have been a record for any automaker.
The primary cause is slumping demand in the United States and now Western Europe. It adjusted its North American projection down from 3 million to 2.7 million vehicles. Toyota has seen a downturn in truck sales and has suspended pickup and large SUV production until November. Like GM and Ford, it is rushing to convert some of its plants to produce more hybrids and small cars.
Even with the downturn, Toyota should still pass GM as the world’s largest automaker either this year or the next.
Source: Automotive News