Toyota Sets 2007 Production Target, Preps to Unseat GM as World's No. 1 Automaker

SEE ALSO: Toyota Buyers Guide™

Washington DC December 22, 2006; The AIADA newsletter reported that Toyota has set new records in sales for the greater part of 2006, and according to the Japanese automaker and industry analysts this is a trend likely to continue next year as the company looks to trump GM as the world's No. 1 automaker.

Today, Toyota announced a 2007 global production target of 9.42 million vehicles, a 4 percent increase over the 9.04 million vehicles it will produce this year and ahead of GM's estimated 2006 production of 9.2 million, according to The Detroit Free Press.

Of Toyota's projected volume for next year, overseas production will rise 8 percent to 4.27 million vehicles while its domestic output will increase 1 percent to 5.15 million vehicles.

Toyota President Katsuaki Watanabe said the company was considering adding another plant in North America to keep up with growing demand, although he did not give details.

Toyota has forecasted 2007 sales to hit 9.34 million vehicles worldwide, up 6 percent from the 8.8 million expected in 2006. In 2003, Toyota surpassed Ford as the world's No. 2 automaker.