Lower demand for cars and trucks from the U.S market has forced Toyota Motors Corp. to cut it’s 2009 sales projection by 6.7 percent. The high fuel prices and deteriorating economic environment have resulted in many American buyers halting or postponing their new vehicle purchases.

Toyota now aims to sell 9.7 million vehicles worldwide in 2009 as against an earlier estimate of 10.4 million. In other developed markets including Europe and even in it’s home market Japan, Toyota has tailored down sales forecasts to more realistic levels. It predicts 2008’s sales to end at 9.5 million. Toyota has stopped production of the Tundra pickups and Sequoia SUV in the U.S. on the back of rising gasoline prices and low demand. Toyota President Katsuaki Watanabe is betting on expansion in developing markets like India, Brazil and China to offset declining demand in North America and Europe and balance company revenues.