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.
Related news stories:
Applications for Tokyo Marathon 'up 68%' (25th September 2008)
Toyota enjoys strong global sales to remain largest auto maker (30th October 2012)
Toyota to enter Japan's small car market (29th September 2010)
Toyota comes under further recall criticism (21st May 2010)
Toyota shareholders sue troubled firm (22nd March 2010)