GM Loses Global Sales Crown After 77 Years

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Source: Reuters

DETROIT (Reuters) - General Motors Corp on Wednesday said its global vehicle sales for 2008 had dropped 11 percent, allowing rival Toyota Motor Corp to surpass it as the world's largest automaker for the first time.

GM, now struggling to restructure under a $13.4 billion U.S. government bailout, had held the title as the global auto industry leader for 77 years and used the line in its marketing.

But for 2008, Detroit-based GM said its sales decreased to 8.35 million vehicles, pressured by tightening credit and a slowdown that began in the United States and spread to emerging markets where GM has been stronger.

Earlier this week, Toyota said its global sales for 2008 had slipped 4 percent to 8.97 million vehicles as it also battled a costly slowdown in key markets.

Both GM and Toyota downplayed the significance of the shift in market leadership.


Read more: http://www.reuters.com/article/businessNews/idUSWNAB174920090121