Toyota vows to hit 10 million car landmark

The Japanese giant said it sold 7.6 million cars in the first nine months of 2014 and has a target of 10.2 million by year-end

(Getty Images)

Toyota, the world’s largest car maker,has set out plans to become the first manufacturer to sell 10 million vehicles in a year.

The Japanese giant said it sold 7.6 million cars in the first nine months of 2014 and has a target of 10.2 million in its sights, after selling just under 10 million last year.

The Camry, Prius and Lexus maker cemented its lead over rivals Volkswagen and General Motors thanks to surging demand in China and the US, despite a spike in recalls across the worldwide car industry and airbag issues in Japan.

Toyota sold part of its 3.2 per cent stake in electric carmaker Tesla on Friday, originally acquired for $50 million (£31 million) in 2010.

A weaker yen helped Japanese camera firm Canon upgrade its annual profit forecast despite a 20 per cent slide in third-quarter operating profits as shoppers shun digital cameras in favour of snapping on smartphones.