Toyota May Become World's No. 1 Car Maker

According to a Reuters report, Toyota Motor Corp. may overtake General Motors to become the world's top car maker. In its forecast today, Toyota believes it will increase output by 10 percent next year to a record 9.06 million vehicles, which would mean the Japanese company would be producing more than GM.

If this switch at the top occurs, it would coincide with the three-year anniversary of Toyota unseating Ford Motor Co. for the No. 2 spot. In 2003, the maker of the Camry overtook Ford.

Both GM and Ford are scheduled to close plants in North America as they face shrinking sales and rising labor and financing costs.