Toyota powers on

Toyota is on target to overtake General Motors as the world’s largest carmakerin terms of unit sales. Already the world’s most profitable car manufacturer, Toyota boosted its share in every major market in last year’s third quarter. Executive vice president Ryuji Araki said sales had exceeded targets in every region.

Despite a strong yen, market share rose to record levels last year in Japan, the US and Europe – the world’s three biggest markets. General Motors and Ford, the company’s main US rivals, both lost ground. Toyota is already world leader by market value. Investment in growth has been high and is expected to continue into next year, officials said. Aggressive investment in new technology is behind the success of the Prius hybrid that combines petrol and electric motor power. Sales of the Prius have been growing steadily even in the US, particularly sunny California, and last month the Prius was voted Europe’s car of the year.

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