The end of year sales figures for 2008 show that General Motors (NYSE:GM) did not lead the world in car sales for the first time in 77 years. GM sold 8.36 million cars in 2008, while Toyota (NYSE:TM) sold 8.97 million cars.
The 2008 results cap an advance by Toyota that has seen the Japanese automaker overcome a 3 million-unit deficit since the start of the decade, fueled in large part by gains in the United States. In 2008, both automakers posted sales declines.
At the time of the announcement, just before 9 a.m. ET today, GM defined itself on its Web site as “the annual global industry sales leader for 77 years.” The description will change to “one of the world’s largest automakers,” said GM spokesman John McDonald.
Toyota’s sales dropped significantly in 2008 as well, particularly in the American market, but not as far as GM’s sales fell.