Toyota to expand output to near 10 million units in 2008
Toyota plans to raise its global output to 10 million units next year, out-distancing its rival General Motors Corp. of the United States, according to reports in Tokyo.
Toyota now expects its group’s global production to expand to some 9.9 million vehicles in 2008, about 500,000 units more than the projection for the current year, the Nikkei newspaper said.
The expansion is mainly due to expectations of continued robust sales in China, the Middle East & other emerging economies, the business daily said.
Toyota is expected to outdo General Motors in output this year as the carmaker steps up production overseas, & the gap is likely to widen in 2008, it added. Toyota projects its global output for this year will climb by four percent year on year to 9.42 million cars, while General Motors earlier this month announced a production forecast of a one percent gain to 9.26 million units.
As the result, the Japanese company is likely to become the world’s number one carmaker in terms of production volume for the first time.
Toyota’s overseas output, excluding group firms, is likely to grow more than five percent in 2008 from 4.2 million units projected for the current year, exceeding its domestic production, Nikkei said.
On the sales front, Toyota is neck-and-neck with General Motors for the rank of the world’s top selling automaker.
Toyota overtook GM in the first quarter of 2007 in terms of global sales and remained in pole position for first half of the year, but GM regained its lead for the nine months to September.