Toyota isn’t immune to the market shift, and today’s reports have the automaker, which is vying for the world’s number 1 automaker spot with GM, revising its sales for the 2008 fiscal year. The Japanese automaker is now aiming to sell 9.5 million vehicles, a decrease of 350,000 from the previous estimate of 9.85 million, although the final and official decision isn’t likely to come before the end of July.
The news came from an Automotive News, citing Japanese newspaper Yomiuri Shimbun. Toyota is making the revision based on sales drops in the United States mainly due to a sharp jump in fuel prices, along with smaller losses in Europe and Japan. The automaker, like others, will focus on fast-growing auto markets such as Brazil, China, India and Russia.
The other auto giant, GM, is arguably faring worse, as it recently announced significant losses in the second quarter and a cost-cutting strategy to help it bounce back.
While Toyota cut production of its full-size trucks, it will keep workers on the payroll, giving them other work.
