TOYOTA #1 IN GLOBAL VEHICLE SALES IN 1ST QUARTER

There is a new leader in global car sales according to data from 2007 first quarter sales.

From The Washington Post:

General Motors' 76-year reign as the world's largest automaker is over.

Fifty years after its cars first hit U.S. shores, Japanese automaker Toyota has surged past the 20th-century American colossus, selling more vehicles worldwide than GM during the first three months of this year.

The global sales benchmark had been looming for years, and its realization was only a matter of time, analysts said. In the United States, GM still sells the most vehicles, owning about 23 percent of the market, compared with Toyota's 16 percent.

GM had managed to hold on to its shrinking lead over Toyota in recent years, but the two companies are heading in opposite directions. GM has lost $12.4 billion over the past two years and plans to close 12 North American plants by the end of next year. By comparison, Toyota reported a profit of about $12 billion during its most recent fiscal year and expects to open its eighth North American factory in 2010.

For the first three months of 2007, Toyota sold 2.35 million vehicles worldwide, compared with 2.26 million for GM. Notably, Toyota's sales were up 9.2 percent over the first three months of 2006, while GM's were up 3 percent.

Last year, GM sold 9.1 million vehicles to Toyota's 8.8 million.

Toyota expects to sell 9.3 million cars in 2007; GM does not provide forecasts.