Wednesday, July 23, 2008
Toyota has taken the lead in worldwide sales over General Motors. GM has had a 77-year run as the world's top automaker by sales, but in the first half of this year it's sales were less than that of Toyota. CBS Automotive Reporter Jeff Gilbert says Toyota has accomplished quite a bit over the past year.
Both automakers have cut US truck production in response to weak auto sales and a consumer shift from low-mileage vehicles because of high fuel prices.The slump in demand for large SUVs and pickup trucks has hit G-M particularly hard as the high-margin vehicles historically account for a majority of the automaker's sales. Toyota, on the other hand, has been able to weather the downturn better because of its strong car line-up, but plans to cut its global sales target for 2008.