In such a lousy vehicle market, this news is kind of underwhelming.
Toyota Poised to Wrest World's Biggest Automaker Title From GM(Bloomberg) -- Toyota Motor Corp. is poised to end General Motors Corp.'s 77-year reign as the world's largest automaker when the U.S. company reports 2008 global sales today.
Figures due about 9 a.m. New York time will complete a preliminary tally of 8.34 million vehicles, 628,000 behind Toyota. The final data will sweep in countries where GM sales totaled fewer than 15,000 units in 2007.
Toyota's conquest underscores GM's plight as it works to pay bills with a federal bailout. The Detroit-based automaker is trying to reduce labor costs, debt, dealers and brands to prove it should be allowed to keep a promised $13.4 billion in loans to help restructure.
"General Motors needs to be smaller -- and smaller by hook or crook," said Alan Baum, director of automotive forecasting for consulting firm Planning Edge in Birmingham, Michigan. "GM had been shrinking voluntarily prior to the economy overtaking their efforts and overwhelming everything."
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