Toyota increase 2008 sales predictions

Toyota has announced that it plans to sell 9.85 million vehicles worldwide in 2008, despite a predicted slump in the auto industry. The company is also planning a 5% hike in vehicle production -- totaling 9.95 million vehicles worldwide -- the same projected annual percentage jump as Toyota's global sales.

Toyota is currently on track to overtake General Motors as the world's number one automaker. It's estimated that Toyota will sell 9.36 million vehicles this year compared to GM's 9.3 million. It remains possible that GM could retain its title, one that the automaker has held for the last 76 years.

Toyota acknowledged worries about the U.S. car market, but still increased its projected sales by 1%, totaling 2.64 million vehicles.

Final tallies for sales in 2007 will be released in January.