Toyota sets sights on No. 1 in 2007

NAGOYA, Japan, Dec. 22 (UPI) -- Toyota, the largest Japanese carmaker, predicts it'll be No. 1 worldwide in 2007.

The company announced in Nagoya, Japan, Friday that it plans to produce 9.42 million vehicles next year which it expects will vault it past struggling U.S. giant General Motors, the current No. 1, The Wall Street Journal said.

With increased reliance on foreign markets, Toyota's new production targets represent a 4-percent increase from the 9.04 million vehicles expected in 2006.

Overseas production will jump 8 percent to 4.27 million vehicles, while domestic production will rise 1 percent to 5.15 million vehicles, Toyota said.