Asian companies see Cash for Clunkers boost
WASHINGTON — Asian automakers have increased their share of sales under the $3 billion Cash for Clunkers auto rebate program, according to data released Friday by the federal government.
Eight of the top-10-selling vehicles are made by Japanese and South Korean companies, with the Toyota Corolla claiming the top spot as the most popular car in the trade-in program. Toyota Motor Corp. also overtook General Motors Co. with the greatest share of sales under Cash for Clunkers, which offers consumers discounts of $3,500 or $4,500 for trading in older vehicles for more fuel-efficient new models.
The only two vehicles made by American manufacturers on the list of top sellers were the Ford Focus and the Ford Escape. The Focus had held the top spot early on in the program, which officially began July 27, but it has since slid to No. 3.
Cash for Clunkers was designed to boost the sagging sales of American automakers and take vehicles with low fuel economy off the road. It has already burned through half of the $3 billion set aside by Congress during the three weeks it has been up and running.
The latest figures show that it has jump-started sales for Detroit’s Big Three companies — General Motors, Ford and Chrysler. But it has also been a boon for foreign automakers.
Government data shows that 54 percent of the top 10 vehicles were manufactured domestically. Many foreign brands, including the Toyota Corolla, are made at American plants.
But Asian companies like Toyota, Honda, Nissan and Hyundai all saw their shares of total Cash for Clunker sales grow since the last time the government provided data on Aug. 5. General Motors, Ford and Chrysler all had slightly lower shares of total sales.
All of the top trade-ins were made by American automakers, a likely sign of Detroit’s fondness for gas guzzling trucks and SUVs over the past two decades. The Ford Explorer four-wheel-drive remained the most popular trade-in.
The fuel economy of vehicles bought under Cash for Clunkers dipped slightly to 25 miles per gallon, while the mileage of trade-ins stood at 15.8 miles per gallon. That represented a 58 percent improvement in fuel economy between vehicles purchased and those traded in under Cash for Clunkers.
The program is most popular in California, where $152 million worth of rebates have been submitted.
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