Jan 19, 2012

GM retakes 'world's largest automaker' title from Toyota

Roaring back from bankruptcy reorganization, General Motors has retaken the title of world's top-selling automaker. Volkswagen was second and Toyota, which had been No. 1, in previous years, fell to third.

General Motors took the top spot by selling just over 9 million cars and trucks across the globe, the Associated Press reports. Fast-growing Volkswagen had 8.2 million and Toyota, devastated by Japan's earthquake and tsunami in March, sold 7.9 million.

The AP notes that GM had held the global sales crown for more than seven decades before losing it to Toyota as GM's sales tanked while it headed toward financial ruin. In 2009, GM filed for bankruptcy protection, needing a U.S. government bailout to survive.

GM's comeback has been powered by well-regarded models that sell around the world, like the Chevrolet Cruze. Not only did GM sell a lot of cars, it also made some good money doing it -- in constrast to past year when big sales didn't necessarily translate to healthy profits. The company reported net income of $7.1 billion for the first three quarters of last year. It reports the fourth quarter next month.

Toyota is aiming for a comeback this year and has predicted that it will sell 8.48 million vehicles in 2012.

GM retakes 'world's largest automaker' title from Toyota