NAGOYA, Japan — Toyota plans to sell 9.85 million vehicles worldwide in 2008, the company said Tuesday, setting an ambitious target despite worries about a slowing U.S. car market, as it tries to become the world’s top automaker.
Toyota also said it plans to produce 9.95 million vehicles worldwide next year, up 5 percent from this year — the same as the projected annual percentage jump for Toyota’s global sales.
Its recent growth has put Toyota Motor Corp. on track to beat U.S.-based General Motors to become the world’s largest automaker by sales. GM has said it estimates this year’s sales to total 9.3 million vehicles, against Toyota’s estimate of 9.36 million sales.
Toyota’s growth been based in large part on the popularity of models such as the Camry sedan, Corolla subcompact and the Prius gas-electric hybrid.
Soaring gas prices have dramatically boosted the appeal of smaller fuel-efficient models that are Toyota’s main strength.
GM has been fighting back, boosting its overseas business and could still keep the top industry spot, which it has held for 76 years.
GM has not given a forecast for the number of vehicles it expects to produce or sell in 2008. The Detroit automaker holds the industry record for annual global vehicle sales, with the 9.55 million vehicles sold in 1978.
Toyota executives acknowledged Tuesday worries about the U.S. market, which has been hit by the subprime mortgage crisis and soaring oil prices. But they nonetheless projected increasing U.S. sales by 1 percent to 2.64 million vehicles.
They were also bullish about prospects for emerging markets in China, Russia and South America, while being conservative with expectations for Europe, at a 2 percent increase to 1.27 million vehicles, and seeing sales in Japan remain flat at 1.6 million units next year.
But Koji Endo, auto analyst with Credit Suisse in Tokyo, said next year will likely prove a challenge even for Toyota, as U.S. economic woes weigh on sales and profits.
But he said the overall optimism for sales growth was “reasonable,” given Toyota’s recent performance.
After the first nine months of this year, Toyota reported 7.05 million vehicles sold worldwide, trailing GM’s sales of 7.06 million vehicles for the same period. The final tally for this year’s numbers won’t be out until January.
GM’s spokesman in Tokyo, Michihiro Yamamori, declined to comment.
Toyota also said it was preparing to start mass producing lithium-ion batteries for low-emission vehicles.
Lithium-ion batteries, already widely used in laptops and other gadgets, are smaller yet more powerful than the nickel-metal hydride cells now used in gas-electric hybrids like the Prius.
Executive Vice President Masatami Takimoto said Toyota had developed the lithium-ion battery to a level that it is almost ready for mass production, although that won’t start until sometime after 2008.
Toyota President Katsuaki Watanabe said the hybrid will be a pillar of Toyota’s future growth, and he reiterated plans to offer hybrid versions of all its models sometime after 2020.
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