Toyota President: Still Far Behind Ford In Global Sales Terms

TOKYO December 19, 2003; Dow Jones reported that Toyota Motor Corp. President Fujio Cho Friday dismissed speculation that the world's third-biggest automaker by sales may soon pip Ford Motor Co. for the number two spot.

"We can't even see Ford's back" yet, Cho said.

The Japanese automaker said Thursday it and its two auto subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. together aim to boost sales by 4% to 7.08 million vehicles worldwide next year. That would compare favorably with the 6.97 million vehicles Ford sold in 2002.

Cho also ruled out the possibility that his company's expanding sales in the U.S. could cause trade friction between Washington and Tokyo, as Toyota has been boosting local production there.

Toyota's sales volume in the U.S. rose in November for the seventh consecutive month, with its sales for the first 11 months of the year up 6.5% on year in the world's biggest auto market.

Toyota estimates its exports will rise 1% on year in 2003 and expects them to fall 1% in 2004