Bangkok  - Thai-based car manufacturers have lowered their production targets to 1.08 million vehicles this year, down 23 per cent from 2008 output of 1.4 million cars, media reports said Saturday.

Of the targeted 1.08 million units, 500,000 are expected to be sold on the domestic market and 580,000 exported.

"This figure is an estimate based on the present situation," said Piengjai Kaewsuwan, chairman of the Automotive Industry Club, which met Friday.

Munich- A dramatic slump in year-end deliveries saw luxury carmaker BMW post its first annual decline in sales for 15 years, according to figures for 2008 released Friday.

The Munich-based company said it sold 1.44 million cars last year, a drop of 4.3 per cent compared to 2007 when BMW recorded its best year ever.

It was the first annual decline in sales since 1983 when the boom triggered by German unification three years earlier began to fade.

Paris - French carmaker Renault said Friday that, because of the economic crisis, worldwide sales of its vehicles fell by 4.2 per cent in 2008.

Tokyo - Toyota Motor Corporation has decided to promote Vice President Akio Toyoda to become company president in June, Japanese media reports said Friday.

Japan's leading automaker hopes to pull the business out of its slump by appointing the first founding family member in 14 years to head the company, Jiji Press quoted sources as saying.

Beijing - Volkswagen AG, Europe's largest carmaker, on Friday reported record sales of just over one million vehicles in China last year, but the group still missed its annual sales target.

The German auto giant said it sold 1,024,008 vehicles in 2008, up 12.5 per cent from 2007, amid estimated vehicle sales growth of about 8 per cent in China.

"Throughout 2008 we have continuously improved our results," Winfried Vahland, president of Volkswagen Group China, said in a statement.

Beijing - Volkswagen AG, Europe's largest carmaker, on Friday reported record sales of just over one million vehicles in China last year, but the group still missed its annual sales target.

The German auto giant said it sold 1,024,008 vehicles in 2008, up 12.5 per cent from 2007, amid estimated vehicle sales growth of about 8 per cent in China.

"Throughout 2008 we have continuously improved our results," Winfried Vahland, president of Volkswagen Group China, said in a statement.