TOKYO — Volkswagen moved ahead of Toyota as the world's most valuable automaker this week, as the ongoing crisis in global financial markets sent Toyota's shares crashing to 12-month lows.

On the New York Stock Exchange, American Depository Receipts of Toyota closed Tuesday at $68.54, giving the company a total market capitalization, or valuation, of $108 billion. VW's market cap on European exchanges at the close of trading on Tuesday was $123 billion.

Toyota has seen sales in North America plunge in recent months, including a decline of more than 30 percent in September. The company recently offered zero interest financing on 11 models in the U.S.

VW's shares have been increasing in value as Porsche, one of the world's most profitable automakers, is in the process of taking a majority stake in the company.

Inside Line says: From an investor's standpoint, VW remains the industry darling, largely on the strength of its new parent. — Paul Lienert, Correspondent