Toyota will likely reduce 2008 global sales outlook as U.S. woes mount

Toyota is reevaluating its sales outlook for 2008 as a result of a lagging U.S. market and is expected to reduce its annual global sales projection by roughly 350,000 units.

According to Automotive News who cites the Japanese publication Yomiuri Shimbun, Japan's largest automaker is expected to make a final decision on its sales numbers by the end of the month. Speculative estimates pare the original 9.85 million vehicles sold in 2008 down to 9.5 million.

Toyota's sales and revenues in the U.S. market have been slipping drastically throughout the first half of the year despite skyrocketing demand for its small cars and hybrid models. Its truck and SUV heavy U.S. model range has suffered dearly as a result of high fuel costs and has forced the automaker to close down plants and cut assembly line shifts. Taking all factors into consideration, Toyota may even resort to jumping on price hike bandwagon.

Last month, executive vice president Tokuichi Uranishi announced at a shareholders meeting it will be difficult for the manufacturer to surpass the 2.62 million vehicles sold stateside last year in 2008. Efforts by Toyota's executives are likely to focus more on the fledgling markets of Russia, China, India, and Brazil to bolster diminishing sales in regions hit hard by fuel costs and economic recession.

Sources close to the Toyota stated the automaker is looking to make a final decision regarding 2008 revised global sales plans by July 31.

Source: Automotive News (Subscription required) via Yomiuri Shimbun