Toyota Motor Company will likely fall short of its 2008 worldwide sales target of 9.85 million vehicles as a result of slowing sales in major markets, a firming yen, and the increase in price of raw materials.
In a recent Reuters report, Toyota Chairman Fujio Cho (pictured) stated that the automaker's top concern is coping with the rise in global raw material pricing.
Adding to Toyota's list of issues to deal with this year is an extremely slow American economy. The increasing value of the yen against the dollar hit an all time high this week as well, making profit margins even harder to attain.
Although sales in Europe and America have declined, production runs in Russia and China are doing well.
According to Cho, Toyota will grow into other new markets, such as in South Korea. The Japanese automaker has planned a gradual introduction of the marque's non-luxury cars next year.
Toyota currently has a presence in Asia's fourth largest economy with its Lexus brand, and will initially sell the Prius hybrid, Camry sedan, and RAV4 in hopes to gain much needed loyal customers.
Source: Reuters