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It flies in the face of what most observers are seeing in the economy, but Toyota (NYSE:TM) sees North American car demand in 2008 as about the same as it was last year. That would be about 16 million vehicles. The Japanese company believes the market will be OK because sales of fuel-efficient cars will rise.
"I believe U.S. economic fundamentals are strong," Toyota President Katsuaki Watanabe told reporters according to Reuters.
While Toyota may be right about the shift from SUVs and other large vehicles to smaller sedans, the forecast appears to lack a basic understanding of what is going on in the US right now. Many potential car buyers simply do not have the resources to get a new car. They are having too much trouble with basic expenses like fuel and housing.
Toyota has beat the odds before, but this does not look like one of those times.
Douglas A. McIntyre is an editor at 247wallst.com.
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