Toyota's New U.S. Plant Now Delayed Due to Struggling Economy

Toyota's plans for a new assembly plant being built in Blue Springs, Miss., are now delayed because of concerns about slow U.S. auto sales and a general slow economy.

The plant was slated to open by late 2009 or early 2010, but will now be pushed back to mid-2010, reports the AP.

The automaker is predicting a decline in its U.S. auto sales and a weak dollar, both of which will lower its profit in the U.S.

Toyota recently beat GM by taking the title as the number one automaker in the world. It sold 2.41 million vehicles in the first quarter of the year, compared to GM's 2.25 million.

In an effort to increase revenue, Toyota is also increasing prices on some of its models in the U.S. this month.

American automakers GM, Ford and Chrysler have all seen serious declines recently and it seems that their foreign competitors aren't exempt from a bad economy either.