Oil prices force Toyota to Cut 2009 Sales Forecast

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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