Toyota Motor Corp., the world's second-largest automaker, reported a drop in quarterly sales for the first time in seven years as the financial crisis crippled worldwide auto demand. The stock fell. Toyota sold about 2.236 million vehicles worldwide in the three months ended Sept. 30, down 4.3 percent from 2.336 million a year earlier, according to an e-mail from the company. General Motors Corp., the world's largest carmaker, will release its third-quarter sales figure on Oct. 29.
Car demand in the U.S. plunged the most in 17 years last month, forcing Toyota to offer no-interest loans and join GM, Ford Motor Co., PSA Peugeot Citroen and Honda Motor Co. in cutting production. Sales declines in Europe and Japan overwhelmed growth in China.
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