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December 2, 2008 12:18:52 PM CST

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Toyota Poised to Overtake GM

Posted Dec 25, 07 8:00 AM CST in Business 

(Newser) – Toyota, the most profitable automaker in the world, says it will increase production by 5% to a record 9.95 million vehicles in 2008, opening up a lead over General Motors, Reuters reports. Toyota, which sold 9.36 million vehicles in 2007, also expects sales to increase 5% in 2008 to 9.85 million units.

GM hasn’t released year-end sales figures, but estimates selling 9.26 million vehicles, ending its 70-year-reign as largest automaker. The two companies are in a nip-and-tuck battle for the top spot this year—Toyota led for the first six months, but GM took the lead in September. Toyota is hoping to surpass GM’s 30-year-old record for sales of 9.55 million vehicles.

Source Reuters

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Toyota Motor Corp. President Katsuaki Watanabe speaks to reporters during the annual year-end press conference in Nagoya, central Japan, Tuesday, Dec. 25, 2007. Toyota, in a neck-and-neck race that could...   (Associated Press)
Toyota Motor Corp. President Katsuaki Watanabe speaks as he introduces the new "Corolla Rumion," a compact hatchback model, during a news conference in Tokyo Tuesday, Oct. 9, 2007. (AP Photo/Shizuo Kambayashi)   (Associated Press)
Unsold 2008 Tundra pickup trucks sit in a long row at a Toyota dealership in the southeast Denver suburb of Centennial, Colo. in this Nov. 4, 2007. The full-size pickup Toyota Tundra is Motor Trend's...   (Associated Press)
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