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Its stumble in China is a sore point as both GM and Volkswagen are gaining ground in that market, the world's largest, where potential for growth remains vast. The Chinese market is also crucial amid languishing sales in Europe, a far less important market for Toyota. Last year, Toyota sold 9.7 million cars and trucks worldwide to beat GM's 9.29 million and Volkswagen at 9.1 million. Toyota shrugged off the latest results, echoing its typical past response. "Rather than pursuing numbers, we try to sell one car at a time, producing good cars. We aren't focused on being No. 1," said company spokeswoman Shino Yamada. Michael Dunne, an expert on the auto industry in China and president of Dunne & Co., said that Chinese are still buying quite a number of Japanese cars, but he also warned the competition remained intense. "They must contend with powerful American, German and Korean competitors. In addition, they must find ways to cooperate with their Chinese joint venture partners, which can be difficult duty when the two countries are at odds over territory," he said.
[Associated
Press;
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