Toyota, GM in tight race for No. 1

Toyota said today that its global group sales rose 6 percent last year to 9.37 million vehicles, making for a tight race against General Motors, the world's biggest automaker. GM has not released its annual sales tally but earlier estimated 2007 sales would come to 9.3 million vehicles.

Toyota has marked booming sales lately on the popularity of models reputed for good mileage, such as the Camry sedan and the Prius gas-electric hybrid, at a time when soaring gas prices have dramatically boosted their appeal.

Detroit-based General Motors Corp. has been fiercely fighting back, boosting its overseas business and could still keep the top industry spot, which it has held for 76 years.

But many analysts say it's just a matter of time before Toyota beats GM to become the biggest automaker in global sales.

When asked recently by The Associated Press how he felt about becoming the world's biggest automaker, Shoichiro Toyoda, a member of the founding family and former Toyota president, even denied Toyota was becoming No. 1.

"We are not No. 1," he said, adding that the spot may be transient and hinting it may hold little meaning for an automaker.

"It's just one moment," he told The AP at a New Year's reception for auto manufacturers earlier this week. "We need to just keep working harder."