Toyota pips rival GM in output stakes

Toyota may have fallen short of General Motors in global vehicle sales last year, but it's beaten its US rival in another measure - global vehicle production.

In the latest neck-and-neck numbers race between the world's top two automakers, Toyota Motor Corp said yesterday it had made a record 9,497,754 vehicles worldwide in 2007, up 5.3 percent from the previous year.

That's about 213,000 more automobiles than the 9.284 million that GM made last year.

Toyota's earlier, less precise production estimate for 2007 was 9.51 million. Toyota spokesman Paul Nolasco in Tokyo said there was no special reason for the change from the estimate.

By sales, however, General Motors Corp just barely retained its crown over Toyota, selling 9,369,524 vehicles around the world, up 3 percent from the previous year, and about 3,000 vehicles more than Toyota.

Toyota on Friday updated its sales tally for last year with additional three digits at 9,366,418. In number released last week, Toyota said it sold 9.366 million vehicles last year globally, up 6 percent from 2006 - allowing GM to keep its title of world's No 1 automaker for the 77th year.

Toyota said production in Japan marked its sixth straight year of gains for a record in 2007. Exports and overseas production also surged, it said.

Toyota has been racking up growth recently, riding on its reputation for quality and good mileage. Soaring gas prices are making smaller cars that are Toyota's forte increasingly in demand.

Toyota has enjoyed a green-car image because of the fashionability of its Prius gas-electric hybrid, which cuts down on global warming emissions.

Toyota and Honda built and sold more models such as Toyota's Camry sedan and Honda's Fit compact car as gasoline prices surged. Crude oil prices rose 57 percent last year, the biggest annual percentage increase since 2002.

"With rising gas prices, demand for Japanese makers' small cars is robust," said Takashi Aoki, who helps manage about 130 billion yen ($1.2 billion) at Mizuho Asset Management Co in Tokyo. "The carmakers will continue to expand production, particularly in emerging markets."

Toyota fell 4.1 percent to close at 5,340 yen on the Tokyo Stock Exchange. Honda declined 4 percent to 3,140 yen, and Nissan dropped 5.7 percent to 967 yen.

Japan's carmakers are increasing production and sales in emerging economies such as China, Russia and India as rising incomes make cars affordable to more people.

Toyota's overseas output rose 10.5 percent to 4.31 million vehicles. The Toyota City-based company opened an assembly plant last month near St. Petersburg, Russia, where it will build 20,000 Camry sedans this year.

Agencie

(China Daily 01/29/2008 page17)