General Motors Corp. announced today that its global vehicle sales dropped 11 percent in 2008, allowing Toyota Motor Corp. to sneak up and take the reins as the world’s largest automaker for the first time, Reuters reported.

General Motors had held the crown as the world’s auto industry leader for 77 years, but said its sales decreased to 8.35 million vehicles last year; 620,000 fewer than Toyota, which sold 8.97 million vehicles.

Toyota and GM, who ended 2007 in a near tie, both downplayed the shift in the No. 1 spot.

“Share doesn’t always pay the bills,” said Don Esmond, Toyota’s senior vice president for U.S. operations.

GM sales analyst Mike DiGiovanni said the company hopes the $13.4 billion government bailout will help boost demand in the second half of the year.

“We feel we’ve weathered one hell of a storm, and we’re cautiously optimistic as we move into ’09 that we can stabilize and grow again,” DiGiovanni said.