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Seoul: Toyota Motor Corp is likely to miss its groupwide global sales target for this year, hit by slowing sales in major markets and a firming yen, an executive vice-president said.
"Frankly speaking, sales in the US, Europe and Japan are showing signs of slowdown. It will be difficult to meet the group's sales target of 9.85 million, although emerging markets such as China and Russia are active," Tok-uichi Uranishi said in Seoul.
The sales target is five per cent higher than sales in 2007.
Rising raw material prices are another concern to Toyota, the world's most profitable and valuable car maker, said Fujio Cho, chairman of Toyota, and Uranishi, who is one of the top executives at Japan's top automaker.
"The rise in raw material prices has been excessive this year. Coping with this is one of our top priorities," Cho said.
Tokyo's financial markets were closed for a national holiday on Thursday. Shares in Toyota ended up 3.9 per cent at 5,080 yen on Wednesday.
Slowing economy
Global demand for cars, especially in the United States, is weakening due to a slowing economy and the ongoing credit crisis.
Analysts expect the US market to decline for the third consecutive year in 2008 amid a sluggish hoUSing market, runaway gasoline prices and tighter credit.
Japanese car makers are facing tougher conditions as the yen has been rising against the dollar, hitting a 13-year high on Monday.
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