Like the Detroit 3, Toyota is also hurting from the slowing economy and record-high gas prices. The world’s second biggest automaker told reporters today the automaker will find it difficult to sell more than the 2.62 million vehicles it moved in 2007 this year. Late last year, the automaker announced it wants to sell about 20,000 more vehicles Stateside in 2008, and boost global sales by 5 percent.
A shareholder meeting today saw Executive VP Tokuichi Uranishi make the announcement, as per Automotive News. The projected 9.85 million vehicle sales target, representing a 5 percent jump over 2007 sales, is not likely to be met, despite a growing market in China and Russia, the VP said.
While the automaker will review the sales targets next month, it is already behind last year’s to-date numbers, selling 12.5 million vehicles in the U.S. compared to 16.3 in 2007. That number is the lowest it has been in decades, and Uranishi predicting the possibility of sales for the year falling to below 15 million.
The trend is industry-wide, with Ford recently announcing deep cuts to production, GM closing four truck plants and Chrysler announcing sales are down by 20 percent from last year’s levels.
