Toyota named largest automaker in the world
Japanese carmaker Toyota has officially overtaken America’s General Motors (GM) as the world’s largest automaker for the first time in seven decades, after the company’s sales record for the year 2008 disposed off the latter from the top position.
Toyota sold 8.97 million vehicles in 2008, 600,000 more than achieved by General Motors. GM has blamed the falling market in the US as the main culprit of the loss.
Unofficially, Toyota has been touted as the number one carmaker since more than a year ago after showing strong growth with a number of best selling models. It was only about the question of time before it is academically unveiled.
However, both companies are facing tough times as the global economy continues to plunge and the two companies have been recording losses and decline in profits. General Motors, in particular, has been locked on lengthy discussion with the US and UK governments to get financial help, alongside another struggling automaker, Chrysler.
Toyota, on the other hand, will be shutting down all of its factories in Japan for more than a week between February and March as the demand of its vehicles from all regions shows weak improvement.
A study done by the Reputation Institute of New York found Toyota to be the world’s most reputable company for the year 2008, ahead of internet giant, Google and furniture icon, IKEA.