Clunkers Program Advances Asian Automakers

Nice to know that U.S, taxpayers paid $3 billion to help the Asian automakers take a larger piece of the U.S. car market. Next is cash for appliances. Does the U.S. make any appliances anymore?-Lou

Japanese, Koreans gain most from cash for clunkers

WASHINGTON (Reuters) - Japanese 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, Honda Motor Co Ltd, Nissan Motor Co Ltd, Hyundai Motor Co 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 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.
GM spokesman Greg Martin said the company, which slowed production significantly during the spring and its early summer bankruptcy, recorded brisk sales of Malibu, Cobalt and other car models in the first weeks of the program.

"We were running thin going into the summer to begin with and, as the program went on, inventory levels play(ed) a part," Martin said.

Ford was the only domestic manufacturer with top-selling models in the "clunkers" program.
Transportation Department figures on the "clunkers" incentive, which offered consumers up to $4,500 when they traded in their older vehicles for more fuel efficient new models, showed on Wednesday that total sales amounted to just under 700,000 with $2.87 billion in rebates.

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