Toyota Motor Raises Outlook For Global Sales and Production

TOKYO July 22, 2003; Dow Jones reported that Toyota Motor Corp. Tuesday lifted its outlook for global sales in 2003 to 5.85 million units from 5.79 million units, citing optimism for a gradual world-wide recovery following the end of the war in Iraq.

The new target, if achieved, would mark a 6% rise from the prior year.

Toyota lifted its outlook for global production in 2003 to six million units from 5.87 million, up 6% from 2002.

Japan's biggest car maker also revised upward its outlook for exports from Japan to 1.77 million units from 1.71 million, a 3% drop.

A Toyota spokesman attributed the upward revisions to growth in demand from China, Thailand, and Indonesia.

While saying his optimism remained guarded, Toyota President Fujio Cho said the U.S. upturn was likely to continue and a recent rebound in share prices and corporate profits were signs of better prospects in Japan as well.

Toyota's first-half sales have been strong in both North America and Japan, but the latest revisions largely reflect gains in Asia, the company said.