GM and Toyota Sales at dead heat for 2007
01-23-08, 07:01 AM
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GM and Toyota Sales at dead heat for 2007
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GM, Toyota in dead heat in 2007 sales By TOM KRISHER, AP Auto Writer
11 minutes ago
DETROIT - General Motors Corp. said Wednesday it sold 9,369,524 vehicles worldwide last year, up 3 percent from 2006 but putting it into a virtual dead heat with fast-rising Toyota Motor Corp. for the 2007 global sales crown.
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Earlier this month, Toyota reported global sales of 9.37 million vehicles, but the Japanese automaker did not release a number down to the last vehicle sold, leaving the sales race too close to call.
Detroit-based GM has held the title of world's largest automaker for 76 years, but Toyota's strong U.S. growth and GM's U.S. sales decline helped Toyota move closer to the top spot in recent years.
John Middlebrook, GM vice president for global sales, service and marketing operations, said sales in China, Russia and Brazil helped drive the gain.
"This is the kind of emerging market growth that fuels our global performance," Middlebrook said in a statement. "Customers are responding to our fuel-efficient and dynamically-designed product lineup around the world."
GM said 2007 sales were the second best global total in the company's 100-year history and marked the third consecutive time, and fourth time ever, that GM sold more than 9 million vehicles a year.
Toyota's share of the U.S. market has more than doubled since 1990, when it controlled only 7.5 percent of the market with just over 1 million in sales, according to Ward's AutoInfoBank. Its sales have grown briskly in recent years, sometimes by double digits, as people bought its smaller, fuel efficient cars with a reputation for reliability. By 2007, Toyota controlled 16.3 percent of the U.S. market, selling 2.6 million vehicles.
GM, while still the U.S. sales leader, has seen its U.S. market share drop dramatically since 1990, when it controlled about 35 percent by selling nearly 5 million vehicles. Last year GM's share was roughly 23.8 percent, with sales of 3.8 million vehicles.
Early last year, GM Chairman and Chief Executive Rick Wagoner pledged to defend his company's title, but said it would not abandon its U.S. strategy of reducing incentives and low-profit sales to rental car companies in order to win.
The title in coming years likely will be decided by sales in burgeoning markets such as China, Russia, South America and other regions with a growing middle class.
Mature markets in North America and Europe, meanwhile, are likely to post slower growth, analysts say, and Japan's auto market is shrinking.
Toyota is setting up new overseas plants to achieve growth in new markets — aiming to sell 9.85 million vehicles worldwide this year, up 5 percent from last year, under an ambitious plan it announced last month. Toyota executives last month also said they projected better vehicle sales in the U.S. this year.
Earlier this month, Toyota deposed Ford Motor Co. as the No. 2 auto-seller in the U.S. in 2007.
GM shares fell 31 cents, or 1.3 percent, to $23.34 in morning trading Wednesday, while Toyota's U.S. shares fell $2.85, or 2.9 percent, to $94.06.
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GM, Toyota in dead heat in 2007 sales By TOM KRISHER, AP Auto Writer
11 minutes ago
DETROIT - General Motors Corp. said Wednesday it sold 9,369,524 vehicles worldwide last year, up 3 percent from 2006 but putting it into a virtual dead heat with fast-rising Toyota Motor Corp. for the 2007 global sales crown.
ADVERTISEMENT
Earlier this month, Toyota reported global sales of 9.37 million vehicles, but the Japanese automaker did not release a number down to the last vehicle sold, leaving the sales race too close to call.
Detroit-based GM has held the title of world's largest automaker for 76 years, but Toyota's strong U.S. growth and GM's U.S. sales decline helped Toyota move closer to the top spot in recent years.
John Middlebrook, GM vice president for global sales, service and marketing operations, said sales in China, Russia and Brazil helped drive the gain.
"This is the kind of emerging market growth that fuels our global performance," Middlebrook said in a statement. "Customers are responding to our fuel-efficient and dynamically-designed product lineup around the world."
GM said 2007 sales were the second best global total in the company's 100-year history and marked the third consecutive time, and fourth time ever, that GM sold more than 9 million vehicles a year.
Toyota's share of the U.S. market has more than doubled since 1990, when it controlled only 7.5 percent of the market with just over 1 million in sales, according to Ward's AutoInfoBank. Its sales have grown briskly in recent years, sometimes by double digits, as people bought its smaller, fuel efficient cars with a reputation for reliability. By 2007, Toyota controlled 16.3 percent of the U.S. market, selling 2.6 million vehicles.
GM, while still the U.S. sales leader, has seen its U.S. market share drop dramatically since 1990, when it controlled about 35 percent by selling nearly 5 million vehicles. Last year GM's share was roughly 23.8 percent, with sales of 3.8 million vehicles.
Early last year, GM Chairman and Chief Executive Rick Wagoner pledged to defend his company's title, but said it would not abandon its U.S. strategy of reducing incentives and low-profit sales to rental car companies in order to win.
The title in coming years likely will be decided by sales in burgeoning markets such as China, Russia, South America and other regions with a growing middle class.
Mature markets in North America and Europe, meanwhile, are likely to post slower growth, analysts say, and Japan's auto market is shrinking.
Toyota is setting up new overseas plants to achieve growth in new markets — aiming to sell 9.85 million vehicles worldwide this year, up 5 percent from last year, under an ambitious plan it announced last month. Toyota executives last month also said they projected better vehicle sales in the U.S. this year.
Earlier this month, Toyota deposed Ford Motor Co. as the No. 2 auto-seller in the U.S. in 2007.
GM shares fell 31 cents, or 1.3 percent, to $23.34 in morning trading Wednesday, while Toyota's U.S. shares fell $2.85, or 2.9 percent, to $94.06.
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