Toyota Motor Corp, the world's second largest automaker behind General Motors, but first in net worth, revenue and profit, announced that it anticipates selling approximately 2.64 million vehicles in the United States in 2008. The forecasted figure is up about 1 percent from an estimated 2.62 million this year, a top executive stated on Tuesday.

In Asia, on the other hand, the company headquartered in Toyota, Aichi pref., Nagoya, Aichi pref. and Tokyo, Japan, said it expects to boost sales by about 20 percent to 1.58 million vehicles, of which about 700,000 will be sold in China for a rise of 43 percent, according to Executive Vice President Tokuichi Uranishi.

Toyota is closing in on its goal of becoming the world’s largest car manufacturer and end General Motors Corp.'s 76-year reign. In order to reach its goal Toyota must sell more vehicles in emerging markets to achieve. The demand for its automobiles is expected to decline in the U.S. and Japan, the company's two biggest markets, thus Toyota must sell more in its emerging markets.

The Japanese company has recently opened a factory in St. Petersburg, Russia and plans to add production in China in 2008.

"Toyota will solidify its position as the top carmaker in 2008. The company's cars give it an edge.'' said Hitoshi Yamamoto, who manages the equivalent of $5.5 billion in Japanese equities as chief executive officer of Fortis Asset Management in Tokyo, for Bloomberg.