Toyota edges out GM in global sales

GM (GM, Fortune 500) said Wednesday its first-quarter sales dropped across the globe by less than 1%, but Toyota said its sales were up 2.7% during the January-March period.

Toyota Motor Corp. (TM), Japan's top automaker, said its global sales rose on the back of steady demand in Asia and strong demand in Europe.

General Motors Corp. barely won the global sales race with Toyota last year, but Toyota overtook GM as the world's top automaker as measured by global vehicle production in 2007.