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In 2009 Toyota Motor Corp aims to sell around 10.4 million vehicles worldwide.   This is an increase of 18 percent from last year as it grabs market share in North America and taps growing demand in China and other emerging economies.

According to Automotive News Toyota surpassed General Motors Corp (GM.N) to take the top spot in 2006.   Also clearing a 10 million milestone would be an auto industry first and likely cement Toyota’s position as the world’s biggest carmaker.   

CLSA Asia-Pacific Markets auto analyst, Christopher Richter said “It is incrementally good news”, he also estimated Toyota’s sales for 2009 at 10.2 million units.   Then he added, “They continue to win share in the U.S. market and that’s more than made up for what the direction of the market has taken of late.” 

In July U.S. auto sales dropped as weakness in the housing market sapped demand.   This raised concern about the further impact of credit squeeze on U.S. consuption. 

According to Nikkei newspaper the new target includes sales by subsidiaries Hino Motors Ltd (7205.T) and Daihatsu Motor Co Ltd (7262.T) and the plan will be announced on Aug. 31, when the company is expected to hold a business plan briefing.

According to the Nikkei, Toyota in 2006 sold 8.8 million vehicles, slightly falling short of General Motors Corp’s (GM.N) 9.1 million. 

Toyota refused to make any comments on the news report. 

Market shares are being cranked up by Toyota in mature regions such as North America and Europe with fuel-efficient cares such as the Prius hybrid and RAVA crossover as well as entry into the full-sized pickup truck segment with the Tundra. 
 

In June the Detroit-based weekly Automotive News said that Toyota outsold GM by about 128,000 units last year based on a technicality that excludes sales of vehicles at minority-held subsidiaries.   For 76 years GM has claimed the top spot, including 2006. 

Toyota will likely gain a sizeable lead against GM going forward according to Richter of CLSA Asia-Pacific Markets. 

Also Richter said, “Now the gap between them is very small and Toyota is slightly number one.  But the image I have when I look at it is that the gap between these companies will get bigger as time passes.” 

The report by Nikkei failed to lift Toyota shares,  which ended down 0.5 percent at 6,500 yen.  This showed Nikkei average (.N225) finished the day virtually flat.