Toyota cuts '09 sales target by 6.7%

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Toyota Motor Corp. Thursday cut its global-sales target for next year by 6.7%, as higher gasoline prices and the slowing economy hurt demand in the U.S., its largest market, media reports say.
The world's most profitable auto maker said Thursday it expects to sell 9.7 million vehicles worldwide in fiscal 2009, compared with its previous estimate of 10.4 million vehicles.
The revised target indicates fiscal 2009's worldwide sales should grow 2% from fiscal 2008.
Toyota (TM) said it expects to sell 2.7 million vehicles in North America next year, a level that represents no growth from its fiscal 2008 sales target for the region.
The global-sales estimates include vehicles produced by Toyota and its Daihatsu Motor Co. and Hino Motors Ltd. subsidiaries.
The announcement came the same day Toyota said it would slash output at its Kyushu assembly plant by 16% to offset slumping demand for trucks in North America and Europe.
The Kyushu plant produces mainly sport-utility vehicles, including the Highlander, and exports about 90% of what it makes. The Kyushu facility is expected to produce 370,000 vehicles this fiscal year instead of the 400,000 planned earlier.
Toyota's downgraded 2009 sales forecast follows a reduction in its 2008 sales target last month, to 9.5 million units.
The revised outlook suggests the global economic slowdown has impacted auto sales in a meaningful way, likely derailing the solid growth momentum Toyota has enjoyed during the past five years.
The Japanese automaker dethroned General Motors (GM) as the world's top vehicle maker by sales in the first six months of this year.