| GEO Business|
| Toyota to cut global sales target|
| Updated at: 1925 PST, Thursday, December 11, 2008|
TOKYO: Toyota Motor Corporation will sharply cut its global sales target for 2009 to around eight million vehicles, hit by nose-diving demand amid a deepening global downturn, reports said Thursday.
The latest sales projection is down nearly 18 percent from Toyota's previous forecast of 9.7 million vehicles.
Japan's top automaker expects a prolonged slump in demand in the United States and Europe in 2009, with sales seen flat in Japan, said the Nikkei, Japan's top business daily, citing no sources. A Toyota spokeswoman did not confirm the report.
The Mainichi daily said Toyota will announce the sales target for 2009 later this month.
Toyota's sales in the United States dropped 34 percent in November. Toyota said it would extend the zero percent financing offer into December in a bid to shore up sluggish U.S. sales.
The Japanese automaker said Wednesday it would further reduce production at several factories in North America, as the global slowdown continues to dampen sales.