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Toyota aims for sales record next year

By: Henry Brier
Posted: 12/22/2011 11:23:00 AM
Referenced Stocks: GM;TM

The largest automaker in Japan is viewing next year's sales prospects with great ambition, according to The Associated Press.

Toyota ( TM ) is aiming to sell 8.48 million cars in 2012, which would represent a global sales record for the industry. As a consequence of the March 11 earthquake and subsequent tsunami in Japan, the carmaker's rein as top seller of cars ended as it dropped to third behind top seller General Motors ( GM ) and second-place Volkswagen.

"It won't be a surprise to me if Toyota reaches a new record in global sales," auto analyst Mamoru Katou of Tokai Tokyo Research told the news service, noting Japan is seeing heavy sales of hybrids, the U.S. is seeing strong sales of the Camry and emerging markets are likely to see increased demand.

The carmaker is aiming to build on next year's figures for 2013 and one way of doing so is by tapping into the developing markets of China and India.

Thursday saw the Japanese yen lose value to the majority of its counterpart currencies, with special emphases on poor performances by the South African rand and the Canadian dollar, according to Bloomberg.