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Driving Downhill

GM Loses Crown

Now world's second biggest automaker.

After 77 years as the world's top automaker, General Motors officiallygave up the top rank to Toyota. With an 11% drop in sales, GM sold 8.35million vehicles in 2008 versus 8.97 by Toyota, a drop of 4% from theprior year. On the bright side, GM has had rising sales in some marketsoutside of the U.S. The company insisted being No. 2 is fine with them."[Toyota] passed us in market cap, profitability and cash flow a longtime ago," GM's COO said.

Read it at The Wall Street Journal

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