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Thursday, 28th August 2008
In Business In Japan,

Toyota puts target on ice

The Japanese automaker had been aiming to become the first company to sell more than ten million cars in a year. However, it has now reassessed its target and is projecting sales of 9.7 million in 2009.

Slowing market conditions in Japan, the US and western Europe were cited for the new estimates, AFP reports.

The firm had previously cut its forecast for 2008 from 9.85 million sales to 9.5 million.

Katsuaki Watanabe, president of Toyota, said that the business environment is "rapidly becoming more difficult".

"Things remain very uncertain, not just in the US but in emerging countries and resource-rich nations as well," he explained.

Meanwhile, Toyota announced this week that it has adjusted the retail prices of a number of its vehicles available on the Japanese market.

Rising prices of raw materials were given as reasons for the hikes.

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