Whoa. My brother using Toyota Vios and this story will make him proud… Toyota ends GM’s 77 years reign..It is good to see Asian maker beat US company..
apanese automaker Toyota is now officially the top automaker in terms of global sales overtaking erstwhile leader, Detroit-based General Motors. Toyota managed to grab the top spot from GM, which held the title for seventy seven years, despite experiencing lower sales volume for 2008. In fact, for the fiscal year ending in March 31, the Japanese automaker is expected to report an operating loss of $1.7 billion. Still, despite the dismal outlook, Toyota managed to withstand the challenges plaguing the automotive industry.
Both Toyota and General Motors reported a big drop in sales in 2008, but Toyota sped ahead of the competition. Toyota sold over 8.97 million car and trucks last year, or approximately 620,000 more than GM. However, there is little reason to celebrate for Toyota as the company’s sales were down for about 4% last year. The automaker says it will not post a profit for the first time in 50 years.
Meanwhile, GM President Fritz Henderson says the title wasn’t ‘terribly important’ to him and the company is busy finding ways to downsize its brands, maintain the strong brands and deliver strong products. For now, GM faces February and March deadlines to prove its viability to the US government in order to secure federal loans.
Source: DetNews
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