Toyota Motor (TM) Lowers Annual Sales Forecast

The WSJ reports Toyota Motor (NYSE: TM) has lowered its world-wide annual sales forecast, citing slowing sales in North America and decline in demand for trucks and SUVs.

Toyota's outlook for the year shows that the company is unable to offset sales losses in America even as it continues an aggressive expansion in China, the Middle East and other emerging markets.

Toyota cut world-wide sales plans for 2008 by 350,000 units to 9.5 million units. The new forecast represents a 1% increase over its global sales in 2007, and would represent its weakest growth since 2001. The company also reduced its global production plan for this year to 9.5 million vehicles from 9.95 million.

Toyota lowers outlook on its U.S. sales outlook by 200,000 units to 2.44 million units, which equals a 7% decrease in U.S. sales from 2007. Toyota also cut 2008 sales projections in Japan by 4,000 units to 2.23 million units and by 80,000 in Europe to 1.19 million units.[SM]

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