Toyota cuts 09 global sales forecast on lower demand

Toyota, vying with General Motors to be the world's top automaker, said it now aims to sell 9.7 million vehicles in 2009, down from a previous target of 10.4 million.

Toyota has already cut its global sales target for 2008 to 9.5 million vehicles from 9.85 million.

Detroit-based General Motors holds the all-time record of selling 9.55 million cars and trucks worldwide in 1978.

Toyota has enjoyed fast-growing sales and profits in recent years, helped by strong interest in its fuel-sipping hybrids.

But the US economic slump, weak domestic demand and soaring commodity costs have put the brakes on its expansion.

Toyota sold 4.82 million vehicles worldwide in the six months to June, ahead of GM's 4.54 million.