What has been expected for quite some time now, has now become official. General Motors (GM) Corp.'s 77-year run as the world's largest-selling automaker has come to an end, beaten by Toyota Motor Corp.

Detroit-based GM announced today that it sold 8.35 million cars and trucks across the globe in 2008 - a 10.8 per cent decline compared with 2007. Toyota sold 622,000 more cars and trucks throughout the world.

The Japanese automaker announced that its global sales number was 8.972 million in 2008 - a 4 per cent decline compared with a year earlier.

Excluding mini-vehicle maker Daihatsu Motor and truck unit Hino Motors, in both of which Toyota holds majority stakes, Toyota's global sales fell 5 per cent to 7.9 million vehicles. Daihatsu's sales declined 4 per cent to 866,000 vehicles, and Hino's declined 3 per cent to 110,000 vehicles.

GM sales analyst Mike DiGiovanni said during a conference call today morning that the seasonally adjusted annual US sales rate will fall below 10 million vehicles in January. That would be the first time below that benchmark since 1982.

Industrywide US sales came in just over the 10 million sales pace in each month of the last quarter of 2008 despite a sharp plunge in demand that left sales down 35 per cent from year ago levels.

DiGiovanni attributed the new low for US industrywide sales to a sharp drop in fleet sales to businesses, such as rental car companies, rather than further weakness in consumer sales.

He added that the decision by GM, Chrysler LLC and Ford Motor to trim first quarter production due to weak sales is leading to the drop in fleet sales, and that retail sales should be at or slightly above sales seen in the fourth quarter.

DiGiovanni said the company is hopeful that economic stimulus plans being considered in the United States as well as in other nations should hopefully help sales later this year. But he cautioned, "2009 will be a very difficult year."

Toyota's ascent to the top came as no surprise, since the Japanese major sold only 3,000 fewer vehicles in 2007 compared with GM. Most believed Toyota would overtake GM in 2008. (See: Toyota aims at overtaking GM to the top slot)

Fritz Henderson, GM president and chief operations officer, tried to downplay the importance of being No. 1 in sales during Tuesday's Automotive News World Congress, an industry conference in Detroit.

''They passed us in terms of market cap, profitability, cash flow long ago,'' he said. ''I focus on the sales and how to make us successful. … Honestly this is not a measure that I pay a lot of attention to.''