Oil prices force Toyota to Cut 2009 Sales Forecast
By: Peter Chubb | August 28, 2008
Toyota Motor Corp. has had to make the decision to cut their sales figures for 2009. The have reduced the sales forecast by 6.7 percent as a result of current oil prices, as gasoline is nearing the $4 a gallon mark.
The biggest blow for Toyota, the world’s second-largest automaker, is that the demand for trucks has dropped massively. It seems that it is now smaller cars that Americans are wanting.
The Japanese automaker has now set a figure of selling 9.7 million vehicles for 2009, this figure was 10.4 million. This year sales are expected to be about 9.5 million.
As a result of high gas prices, Toyota has halted production of their Sequoia sport-utility vehicles and Tundra pickups in the U.S.; they should resume production again in three months time.
Read the full report at Bloomberg
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