General Motors (GM) is trying desperately to fend off Toyota (TM) and retain its title as the “Global Sales Leader” (a title its had since Herbert Hoover was President). And today, GM got some good news.
Toyota has cut its global sales outlook: TM now expects to sell 9.5 million vehicles worldwide this year versus its initial estimate of 9.85 million. Toyota sold 9.37 million last year. Its US sales goals were slashed by 7.6% for the Toyota and Lexus brands.
Needless to say, record-high gas prices were the primary driver behind the new forecasts.
Nissan (NSANY) To General Motors (GM): Our Electric Car Will Make Money And Have No Emissions (NSANY, GM, TM)
Hybrid Car Sales Zooming; As Usual, Ford, GM, etc. Left in Parking Lot (TM, HMC, NSANY, GM, F)
General Motors (GM) Still Flogging The Hummer, This Time On The ESPYs (GM)
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.