Toyota forecasts increase in sales

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There has been some recovery in auto sales and Toyota Motor Corporations has accordingly raised its global sales forecast for the year to March 2010 by 3 percent to 6.7 million cars. Due to government subsidies on fuel efficient cars, the automaker is also raising its global production by 8 percent to 6.45 million vehicles for 2009/10.

The recession in the auto industry affected Toyota adversely, but the recent higher sales figures clocked by it have given it reason to present a more positive outlook. This year, August sales were nine percent higher than sales in the same month last year.

Tax incentives and subsidies given by the Japanese government to more fuel efficient cars have helped raise Toyota’s market share and the company has asked the government to extend the deadline for these subsidies by two years to the end of March 2012.

Source: Reuters