The head of Toyota has reportedly claimed that new car sales in the US are unlikely to reach 14 million in 2008 as the financial crisis continues to pressure household budgets.

President Katsuaki Watanabe claimed in September that sales would be around the 14 million mark, still a substantial drop from the 16.15 million recorded last year.

But according to a report on Nikkei Business News, Mr Watanabe has lowered his prediction, representing the first time a Toyota executive has forecast sales to fall below the figure.

He is quoted as saying: "We thought we had entered an extremely difficult time for the auto industry, but it has become even tougher."

The report also claimed that Watanabe disclosed that the company is reassessing plans to introduce hybrid versions of all its models by 2020, potentially bringing the date forward.

Toyota posted a sales decline of 29.5 per cent in September, the third-worst monthly figure since 1980; only January 1987 (32 per cent) and July 1987 (31 per cent) saw bigger slumps.



Source:

Toyota US new car sales unlikely to hit 14 mln-report (03/10/08)
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSN0334837620081003

Auto news in brief: Hard times for Toyota (05/10/08)
http://www.freep.com/apps/pbcs.dll/article?AID=/20081005/BUSINESS01/810050407/1014/BUSINESS01