Japanese automaker's global sales rise 6%, setting up a fierce fight with Detroit's GM for industry's top spot.
TOKYO (AP) -- Toyota said Thursday that its global group sales rose 6 percent last year to 9.37 million vehicles, making for a tight race against General Motors, the world's biggest automaker.
GM (GM, Fortune 500) has not released its annual sales tally but earlier estimated 2007 sales would come to 9.3 million vehicles.
Toyota (TMC) has marked booming sales lately on the popularity of models reputed for good mileage, such as the Camry sedan and the Prius gas-electric hybrid, at a time when soaring gas prices have dramatically boosted their appeal.
Detroit-based General Motors Corp. has been fiercely fighting back, boosting its overseas business and could still keep the top industry spot, which it has held for 76 years.
But many analysts say its just a matter of time before Toyota beats GM to become the biggest automaker in global sales.
Toyota Motor Corp.'s group companies sold 7.1 million vehicles overseas last year, a 10 percent jump from the previous year, offsetting a 4 percent decline in sales in Japan at 2.26 million vehicles, the Japanese automaker said in a statement.
Toyota has long beaten GM in profitability, enriching its coffers with solid sales in recent years at a time when GM has been struggling, shuttering plants and slashing jobs.
Read Article