Such a cut would equate to nearly 350,000 vehicles, dropping the company's 2008 sales forecast to 9.5 million vehicles worldwide, as opposed to its initial prediction of 9.85 million.
The significant drop is largely attributed to sagging sales in the North American market, where sales of large vehicles, including the full-size Tundra pickup and Sequoia SUV, are rapidly decreasing. Toyota recently announced plans to eliminate Tundra production at one plant and idle the line at its San Antonio, Texas, factory.
Although Toyota has enjoyed tremendous growth within the U.S. market, the company may look instead to develop its presence in other areas of the globe, including China, Russia, India, or Brazil.
A final decision on the modified goal will be announced by Toyota officials at the end of July.
Source: Automotive News