GM Overtakes Toyota as Top Global Carmaker in 2007

General Motors has again taken the upper hand in the battle for top global automaker by sales. GM CEO Rick Wagoner is adamant to keep his company's 76-year reign at the top of the global carmaker hierarchy intact. Through the first three quarters of the year, GM is holding a tiny 10,000 sales lead over Toyota, which was up 39,000 unit sales after the first half (full summary). But strong double-digit growth by GM overseas offset continuing weakness in North America, while Toyota's U.S. sales dropped for three consecutive months in Q3, the first time that has happened since 1995. A weaker dollar has helped contribute to GM's overseas sales growth, as its line of vehicles becomes more affordable in foreign currency terms. Looking to Q4, Toyota hopes to be able to surpass GM on the back of a more fuel-efficient fleet of cars, in light of oil topping $90 a barrel. Toyota captured five of the EPA's top 10 fuel-economy ratings for 2008 cars and trucks including the top spot with its Prius hybrid. GM shares are up 22.4% YTD, while Toyota's ADR shares are down nearly 21%. Toyota fell another 2.1% to a new 52-week low in Tokyo trading Monday.

Sources: Wall Street Journal, Bloomberg, CNN Money
Commentary: Toyota Loses Top Reliability Ranking • U.S. Sept. Auto Sales Down, But Better Than Expected • Toyota's September Sales May Disappoint
Stocks to watch: GM, TM. Competitors: F, HMC, DAI, NSANY.
Earnings call transcript: General Motors Q2 2007 • Toyota Motor F1Q08

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