Ford to slip to No. 3 spot in U.S. in 2007

Ford Motor Co. will slip to become the No. 3 automaker in the United States next year as Japanese rival Toyota Motor Corp. powers ahead in the industry's largest market, according to a sales forecast released on Thursday.

Edmunds.com, which provides information on the U.S. auto market, said Toyota will overtake Ford by mid-2007 in sales volume.

Toyota now often outpaces DaimlerChrysler AG's Chrysler Group and for two months this year sold more vehicles than Ford, which has seen sales drop almost 8 percent in 2006. Toyota's U.S. sales, meanwhile, have increased nearly 13 percent over the same period.

Ford, which is struggling with mounting losses in North America, has said it is aiming to hold its overall share of the U.S. light vehicle market at between 14 percent to 15 percent, including fleet sales, from the current 17.7 percent as it restructures by shutting 16 plants and cutting more than 50,000 jobs.

Ford expects a sharp fall in share next year as it is trying to pull away from sales of vehicles to car rental companies that typically carry steep discounts in favor of more profitable showroom sales. More at Reuters