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U.S. deals on clunkers aid imports, results say

Posted Thursday, Aug 27, 2009, 1:59 pm in Employee News

Detroit automakers were out-clunked by foreign makes, which improved their market share through the U.S. government’s cash-for-clunkers program, according to final results released Wednesday, the Detroit Free Press said.

According to federal officials, dealers submitted 690,114 deals under the program, claiming $2.877 billion—just under the $3 billion set aside by Congress for the plan, the paper said. While the plan successfully boosted U.S. auto sales from their deepest decline in four decades, its hangover could depress sales for the remainder of the year, the Free Press said.

General Motors Co., Ford Motor Co. and Chrysler Group LLC accounted for 38.6 percent of sales under the program, compared with their market share of 45.3 percent through July of this year, the paper said. Meanwhile, Asian automakers outperformed, with Toyota Motor Co. and Hyundai making the largest market share gains. Chrysler’s share of 6.6 percent left it trailing Nissan Motor Co. and Hyundai, the story said. (Detroit Free Press)
 
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