GM announces sales decline

General Motors Corp. reported Wednesday it sold more than 2.1 million vehicles globally during the third quarter, down 11.4 percent from last year.

Sales outside the U.S. accounted for almost 61 percent of GM's global sales, up from about 56 percent last year, but down from a record 65 percent during the second quarter.

Through September, GM sold 6.7 million vehicles compared with 7.051 million for Toyota, which expanded its lead in a bid to become the world's largest automaker. The recent challenges in the global financial markets, including credit tightening and the drop in commodity prices, have negatively impacted market demand," Jonathan Browning, vice president, global sales, service and marketing said in a statement this morning. "However, our sales performance shows that we are continuing to take advantage of new emerging market opportunities and are meeting customer needs with fuel efficient products that offer compelling design and great value."