Japanese, Koreans gain most from cash for clunkers

apanese and South Korean automakers registered the biggest market share gains in the U.S. government's "cash for clunkers" program that ended this week with bankruptcy related inventory shortages hurting General Motors Co GM.UL and Chrysler.

Toyota Motor Corp (7203.T) Honda Motor Co Ltd (7267.T), Nissan Motor Co Ltd (7201.T), Hyundai Motor Co (005380.KS) capitalized on the program's goal of pushing consumers away from gas guzzling sport utilities and pickups, to more efficient cars and trucks, preliminary sales figures showed on Wednesday.

Overseas manufacturers dominate in car sales, while U.S. companies have been stronger in the light truck segment. Cars outsold trucks 2-1 under the "clunker" initiative.

Ford Motor Co (F.N) was the only domestic manufacturer to hold its own in market share compared with its performance so far this year, while GM slipped and Chrysler stumbled noticeably.

www.reuters.com...

This is too funny.
You'd think that the program would have been aimed at actually helping "American" auto manufacturers. Instead it helped foreign companies.

Another well mismanaged government project.

Instead of helping the US economy they helped foreign ones.

It's either a brilliant move or another one they can add to their long list of failures.

GB said this a month or so ago on his radio show. I was driving back from KC to Ft. Riley and caught a little of it.

Does it really suprise you that people went for the Toyotas and Nissans were big sellers?

They are popular vehicles.

Are all these Toyota's imported into the country or are they made in the USA by americans, thus keeping a lot of americans in employment?

Don't Toyota have a plant in Kentucky?

How does this not benefit your country?

reply to post by Irma


Government giveaways never help anyone. In fact this probably will set back the economy. How many people who missed out on Cash for Clunkers are going to go out and buy now? What and miss out on the next giveaway? Just think about all the auto companies ramping up production because of this short lived program, just to have their inventory rot on the lots.

Just another fine example of what happens when big government tries to run something. The just mess more things up for everyone else.

reply to post by Irma


Irma,
Here's an excerpt from a news article at CNN.com.
"The DOT recently said that roughly 52% of cars being bought under the Clunker program were made in America. According to J.D. Power, about 63% of the cars usually sold in America are made here."

The Full Story is Here:
money.cnn.com...

Looks like your hunch was correct. Perhaps the $3,500 credit should
have been for foreign cars and the $4,500 for domestic cars. That
would have helped the American economy more. Sending almost half
of U.S. taxpayers dollars overseas wasn't a very responsible thing for
OUR government to do.
-cwm

Originally posted by carewemust
reply to post by Irma

 

Perhaps the $3,500 credit should
have been for foreign cars and the $4,500 for domestic cars. That
would have helped the American economy more. Sending almost half
of U.S. taxpayers dollars overseas wasn't a very responsible thing for
OUR government to do.
-cwm

I don't want a $3500 credit. I want a $3500 car.