Company News: Toyota sees modest ‘08 sales growth

Toyota Motor Corp. expects its vehicle sales in the United States to grow by about 3 percent in 2008 on the strength of more than a dozen new or updated vehicles, a top company executive said Wednesday.

Jim Lentz, president of Toyota’s U.S. sales arm, told reporters that U.S. sales were expected to be about 2.61 million units in 2007. That’s 2.8 percent higher than Toyota’s 2.54 million units sold in 2006. He said he expected similar gains in 2008.

“We haven’t finalized our numbers for 2008 yet, but it feels more like in a range of this year’s increase as opposed to the increases that we’ve seen from say 2004 to 2006, where we were up almost 10 percent a year,” Lentz said.

Hecla Mining Co. of Coeur d’Alene will raise $175 million through a preferred stock offering, company officials announced Wednesday.

Hecla didn’t spell out how it will use the money, but officials said it will go toward general corporate purposes, including possible purchases of other companies or mining properties, according to a company news release.

Virtual world Second Life‘s chief technology officer – a colorful Navy veteran who delights in mocking creationism – has resigned.

Cory Ondrejka, employee No. 4 at San Francisco-based Linden Lab, which owns Second Life, will depart at the end of the year.

Ondrejka helped write the computer code that underpins the popular virtual world. Second Life is a 3-D Internet destination where users create, buy and sell fantastic islands inhabited by virtual characters, or avatars.

Philip Rosedale, CEO of the eight-year-old company, said Ondrejka resigned to “pursue new professional challenges” and said he and Ondrejka had strategic differences.

Shareholders of digital mapmaker Navteq Corp. approved the company’s acquisition by cell-phone maker Nokia Corp. by an overwhelming majority Wednesday.

The vote should clear the way for the $8.1 billion transaction to close shortly. Antitrust regulators signed off on the deal last week.

Navteq produces maps and software found in car navigation systems, portable navigation devices and Internet map sites. Nokia’s purchase of the company reflects its interest in using more navigation software in its mobile phones and other products.

Navteq shares rose 11 cents to close at $74.49 a share Wednesday. Nokia shares, which have doubled since February, increased 54 cents to $39.55.