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Automotive News reports Honda has slashed its net profit forecast by 20 percent following poor sales in China. Like other Japanese manufacturers, Honda sales suffered at the hands of anti-Japanese sentiment in China following a territorial dispute between the two nations. All told, Honda sales fell off by 40.5 percent last month alone in the People's Republic. As a result, the company has cut production at its two largest Chinese manufacturing facilities to just one shift. Even so, the automaker

Get those big foam fingers ready, Toyota fans - the Japanese automaker looks set to vault into the global #1 spot sooner than later. The automaker is now predicting that worldwide sales will grow 11 percent in 2008, to 9.8 million units. General Motors, the current number one, sold 9.17 million units in 2005.