General Motors Corporation conceded its 77-year stint as the world’s largest-selling automaker to Toyota Motors Corporation. In a speech at the Automotive News World Congress in Detroit, Chief Operating Officer Fritz Henderson said that losing the sales race to Toyota wasn’t as important as returning to profit and making GM successful. GM is expecting $13.4 billion in U.S. loans to help reduce labor costs, debt, dealers and brands, a move that will see some major restructuring to lower its break-even point.

GM’s 2008 sales fell more than 11 percent to 8.35 million vehicles, according to a company statement; while Toyota posted a 4 percent drop to 8.92 million vehicles. Since 1999, Toyota saw a 70 percent increase in sales as the demand for fuel-efficient cars increased. In spite of Toyota’s amazing success story amid the worst of the meltdown in global auto demand, the company is feeling the pinch in worldwide auto demand, with its first sales slump in 10 years.

GM said that the economic downturn in the United States and Europe caused its slide and slashed vehicle demand in major markets, where Toyota did not have as significant a presence. Industry-wide sales in the U.S. staggered under sky-rocketing fuel prices and a looming recession to fall 18 percent in 2008 hitting GM’s domestic sales by 23 percent. The auto giant recorded about $73 billion in losses since the end of 2004, and is having to close more than a dozen factories at locations in North America.