Toyota Motor Corp on Monday cut its 2008 groupwide global sales forecast by 350,000 units to 9.5 million vehicles due to a pronounced downturn in the U.S. market, in a rare setback for the world's biggest automaker. The weaker sales outlook also means global production at the parent company would fall 1 percent from 2007 to 8.43 million vehicles, marking the first decline in seven years.
Toyota's revision underscores an ever-toughening environment for global automakers faced with falling demand for cars, especially higher-margin, bigger vehicles amid rising gasoline pump prices.
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