Toyota fears Hyundai more than GM

With Toyota rapidly closing on GM in terms of worldwide sales, one might think a rivalry between the two companies is only heating up. But a growing view within Toyota is that its main rival is no longer GM, but rather Hyundai of South Korea, reports Jin BN. From January through September of this year, the Korean giant's worldwide sales totaled 1.8 million units, an increase of 11 percent year over year. This translates into sales of more than 2 million vehicles per year, ahead of Mitsubishi. With Honda's global sales for this year expected to be about 3.4 million vehicles, Hyundai now has Japanese carmakers firmly in its sights. With Hyundai planning to enter the luxury segment, that can only spell further trouble for Lexus.