Even Toyota can’t escape the effects of a slow U.S. economy, high gas prices and soaring material costs. The automaker lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, reports the AP and MSNBC.com.
“We have been going at top speed up to now,” Toyota’s president, Katsuaki Watanabe, said. “It is time to set more cautious targets.”
Toyota’s previous 2009 global sales goal was 10.4 million vehicles. The lower target would still be a 2% increase from the company’s 2008 sales goal of 9.5 million. But even that figure was reduced last month from an initial 9.85 million units.