Toyota Sells 2.34 Million Vehicles in 3Q

A visitor looks at Hybrid Car "Prius" displayed at the Toyota Motor Corp's showroom, Toyota Mega Wave in Tokyo, Sunday, Oct. 21, 2007. Toyota said Monday it sold 2.34 million vehicles globally in the July-September quarter, fewer than General Motors' tally, as the U.S. rival regained its lead in the race for the world's top automaker. (AP Photo/Itsuo Inouye) (Itsuo Inouye - AP)

TOKYO -- Toyota said Monday it sold 2.34 million vehicles globally in the July-September quarter, fewer than General Motors' tally, as its U.S. rival regained the lead in the race to be the world's top automaker.

Toyota Motor Corp.'s worldwide vehicle sales for the first nine months of this year _ at 7.05 million vehicles _ also fell short of Detroit-based General Motors Corp.'s sales of 7.06 million vehicles for the same period.

But the numbers Toyota released Monday show the Japanese automaker running neck-and-neck against General Motors, which sold 2.38 million vehicles in the third quarter.

Toyota beat GM in global vehicle sales in the first half of the year, riding on its reputation for high quality, low-mileage small cars such as the Camry, Corolla and gas-electric hybrid Prius.

Some analysts say it's a matter of time before the Japanese automaker _ which built its business in the decades after World War II by imitating American automakers _ will close in on GM.

Toyota's global vehicle sales for the latest quarter grew 4 percent from the same period a year ago, while sales for the first nine months of the year grew 7 percent.

"With oil prices rising, Toyota has the advantage in the long run," said Yoshihiro Okumura, auto analyst at Chibagin Asset Management Co. "Toyota is making a dash to the top."

Toyota has been in a slight lapse in introducing new models, but its momentum for growth is picking up as it comes out with new offerings, Okumura said. New models tend to boost sales, and some drivers hold off on purchases until a product gets remodeled.

In August, Toyota set a global sales target of 10.4 million vehicles for 2009 _ a number that would put it far ahead of the current industry record of 9.55 million vehicles sold by GM in 1978.

GM is fiercely fighting back against Toyota by boosting overseas sales. GM has worn the industry crown of No. 1 automaker for 76 years.

Soaring gas prices have helped to lift Toyota's sales, but it saw its U.S. sales dip slightly last month, partly because of a record set in the same month a year earlier.

Toyota is lowering its sales target in Japan for this year because of a stagnant market, but it has said that better-than-expected demand in other overseas markets will offset the domestic decline.