TOKYO -- Toyota Motor Corp., in danger of losing its title as the world's biggest automaker this year, says it has sworn off the pursuit of being No. 1.
Executive Vice President Satoshi Ozawa said last week that quality and customer satisfaction is more important than volume. "There is no meaning in us being the global No. 1," he said.
Toyota never said it wanted to be No. 1, only that it wanted 15 percent of the global market -- which would all but guarantee the top spot. But soon after it passed General Motors in 2007, quality problems surfaced that later were blamed in part on rapid growth.
Toyota now predicts global sales will drop 1 percent to 7.24 million in the current fiscal year.
Said Ozawa: "I believe we will never have a target to be No. 1."