Toyota Motor Corp. seems set to exceed the automotive market in overall performance for August in spite of growing concerns over the tightening of the credit market in the United States.

Speaking at a news conference yesterday where the company introduced its Vanguard SUV, Toyota president Katsuaki Watanabe cited both sub-prime loans and the high price of oil as responsible for the July market being "a bit weak."

In general, however, Watanabe expressed confidence in the strength of the American economy in a fundamental sense and indicated that Toyota would not be backing away from its U.S. target sales.

That target figure will most likely be disclosed on Friday, August 31 and is expected to be in excess of 10 million units in 2009, which would set an industry record.

During the first seven months of 2007 automotive sales in the United States, which is the largest market in the world for vehicles, fell 3.7 percent.

Economists are increasingly voicing concern about the fallout of the mortgage crisis for the broader economy and for sources of financing for other major purchases like cars.

Toyota, however, has made a tradition of going against the grain of sales downturns. Still, the company did post its first decline in three years in July with a fall of 3.5 percent.

That figure did, however, outperform the industry at large, which was down 8.7 percent for the month.

Even with analysts predicting an equally weak August, Toyota gives every indication of being ready to move forward with its ambitious sales goals.