In the race to claim the title as the "world's largest automaker," does the world really care? How about the stock market -- do traders speculate based on a claim that's meaningless? Do purchasing consumers give a thought to this claim either? With General Motors Corp. (NYSE: GM) and Toyota Motor (NYSE: TM) trading this inane title in 2007, gossip and ego-bragging has apparently taken the place of, you know, actual profitability and growth prospects. At least in the media.

As many market pundits (and value investors) have been screaming forever, it's the profit a company makes that should be at the top of investor and consumer minds, instead of something as meaningless as "the world's largest" anything. Which is more important? Market share or making money? Sometimes the hand of luck graces a company with both (for a while, at least). But for others, blind chasing of market share eventually leads to their demise. Which is more important for the companies you stock in your portfolio?

If it's market share, then you're probably not scared by questionable corporate motives or jack-o-lanterns. GM and Toyota need to forget about this eventual baton-passing related to the "world's largest automaker" statement and focus on making vehicles customers want, growing profit in an orderly fashion. Capturing market share should rank a distant third priority. It's not nearly as exciting as all the meaningless hubbub that surfaces in the media about the "world's largest" whatever, but it's a guiding principle of any business, anywhere. Or at least, it should be.

It comes as no surprise really that Toyota's (NYSE:TM)most recent quarter surpassed all expectations as the rapid-selling Japanese automaker smashed past estimates as Toyota reported record sales and net profit for the October-December quarter today. As Doug McIntyre posted on earlier, Toyota's net profit was $3.55 billion for the quarter. And yes, while Toyota is selling cars (and trucks?) like crazy here in the U.S., General Motors(NYSE:GM) and Ford Motor Co.(NYSE:F) are seeing one disastrous quarter after another. GM even delayed its quarterly report from last week to sometime in February.

What else can Toyota do? I agree with Doug in that the untouchable part of the U.S. market that still won't buy anything but "American-made" cars (many of which are now made in Mexico...hello), but at some point a few of these millions of customers may want to venture into the trendy and fashionable designs coming out of Toyota (and Honda and Nissan, too) instead of the staid and boring designs much of Detroit produces these days, even in 2007.

Now, both GM and Ford are world-class automakers with operations and sales the world over. What both failed to recognize -- unlike their overseas competition -- is the trend for style in a car that has universal appeal and great gas mileage, while not betting so much business on niche vehicles like gas-hogging SUVs. Whew -- that's a mouthful, and Toyota took the first big bite.

Also check out some other earnings reports that we're following, and let us know your thoughts on earnings expectations.