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After Toyota Motor Corp. (TM) passed General Motors (GM) as the leading automaker this year, they're not resting on their laurels, as they're looking at emerging markets to increase growth in 2008.

With U.S. auto sales expected to be down in 2008, Toyota is focusing its growth strategy on China, Brazil and Russia to reach their goal of growing by five percent. They've increased their target number of vehicles sold to 9.85 million, up from its original goal of 9.8 million.

Toyota president Katsuaki Watanabe said about the strategy, "Toyota intends to strengthen its production structure in those emerging countries."

Some think that the while the emerging markets strategy is definitely able to be achieved by Toyota, they may be underestimating the effects of the housing market problems in the U.S., and sales may be less than thought. As a result, it's possible profits at Toyota may decrease for the first time in about 7 years.

That, the strengthening of the yen, and what is perceived as a weakened product mix in 2008 could cause them more problems than expected.

Worldwide output in 2008 is expected to reach about 9.95 million vehicles, which would break the all-time record globally in a year. For 2007 they estimate output will reach 9.51 million, while GM projects to have produced about 9.259 million.