US Car Cos Claim Nearly Half Of 'Cash For Clunkers' Sales
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US Car Cos Claim Nearly Half Of 'Cash For Clunkers' Sales
Better than I expected....
Over 80k in the first week?!?!
http://www.nasdaq.com/aspx/stock-mar...clunkers-sales
Over 80k in the first week?!?!
WASHINGTON -(Dow Jones)- Nearly half of the rebates issued under the U.S. government's "cash for clunkers" incentive program have been used to purchase cars made by U.S. auto makers, an Obama administration official said Monday.
About 80,500 transactions had been processed under the clunkers program as of Saturday, the end of the program's first week, the official said.
Of those sales, 47% involved vehicles manufactured by General Motors Co., Ford Motor Co. (F) and Chrysler Group LLC. The Ford Focus is the top-selling vehicle in the program.
The figures represent the Obama administration's first detailed accounting of "clunkers" sales since the program's July 24 launch. The program offers vouchers of as much as $4,500 to consumers to trade in their gas guzzlers for new, more fuel-efficient models.
More than 80% of the trade-in cars have been trucks, while 60% of vehicles purchased with vouchers have been passenger cars. The government released the figures in part to prove the environmental benefits of the program, which was designed to boost auto sales while reducing vehicle emissions of greenhouse gases blamed for global warming.
The Obama administration has yet to say exactly how much money is left in the program's $1 billion budget. Amid concerns that outstanding claims from dealers may exceed the program's initial funding, the U.S. House passed a measure Friday to provide $2 billion in more funding. The Senate may consider and possibly vote on the measure this week.
About 80,500 transactions had been processed under the clunkers program as of Saturday, the end of the program's first week, the official said.
Of those sales, 47% involved vehicles manufactured by General Motors Co., Ford Motor Co. (F) and Chrysler Group LLC. The Ford Focus is the top-selling vehicle in the program.
The figures represent the Obama administration's first detailed accounting of "clunkers" sales since the program's July 24 launch. The program offers vouchers of as much as $4,500 to consumers to trade in their gas guzzlers for new, more fuel-efficient models.
More than 80% of the trade-in cars have been trucks, while 60% of vehicles purchased with vouchers have been passenger cars. The government released the figures in part to prove the environmental benefits of the program, which was designed to boost auto sales while reducing vehicle emissions of greenhouse gases blamed for global warming.
The Obama administration has yet to say exactly how much money is left in the program's $1 billion budget. Amid concerns that outstanding claims from dealers may exceed the program's initial funding, the U.S. House passed a measure Friday to provide $2 billion in more funding. The Senate may consider and possibly vote on the measure this week.
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It's interesting how wording can change the perception of facts. Saying it like "US car companies claim nearly half of CARS vouchers" sounds kinda positive for the home team. But if the headline had read "Foreign car companies claim over half of CARS vouchers," that sounds far less optimistic. Goes to show how editorial slant can spin facts to produce a desired result.
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Japan called crying on the phone (and probably called back later and said if the tears didn't work they'd just call in all the loans).
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Lesson time.
The reason foreign makes were included in the bill is because a huge amount of them are made right here in the US.
The point of the program is use the opportunity to increase fuel economy while at the same time stimulating the economy by putting Americans back to work.
A $4200 rebate going to a person buying a Honda Accord (made here in the USA) does more to put Americans back to work than that same person buying a Ford Fusion (made in Mexico) or even a Chevrolet Camaro (made in Canada).
Also, lets not forget that a good sized click of congressmen from Tennesee, Alabama, Kentucky, South Carolina, and Georgia (just to name a few places) have large foriegn car makers supplying alot of jobs to their constiuents.... who just so happen to be American citizens.
Most vehicles Chrysler sells are from outside the US (the LX cars are made in Canada and the Rams are made in Mexico) and most of the cars Honda sells and a sizable chunk of Toyotas are made in the US.
GM's best selling vehicles (large trucks and Impala's) are made in Canada. Yet BMW has a very large plant in South Carolina. Hyundais and Kias are now made in the south.
If you want to put US citizens to work using the automotive industry, then nowadays, you gotta include foreign nameplates.
Just because you stick to including only domestic nameplates, doesn't mean by any measure you aren't simply keeping someone outside the country gainfully employed at the expense of someone here.
Class dismissed.
The reason foreign makes were included in the bill is because a huge amount of them are made right here in the US.
The point of the program is use the opportunity to increase fuel economy while at the same time stimulating the economy by putting Americans back to work.
A $4200 rebate going to a person buying a Honda Accord (made here in the USA) does more to put Americans back to work than that same person buying a Ford Fusion (made in Mexico) or even a Chevrolet Camaro (made in Canada).
Also, lets not forget that a good sized click of congressmen from Tennesee, Alabama, Kentucky, South Carolina, and Georgia (just to name a few places) have large foriegn car makers supplying alot of jobs to their constiuents.... who just so happen to be American citizens.
Most vehicles Chrysler sells are from outside the US (the LX cars are made in Canada and the Rams are made in Mexico) and most of the cars Honda sells and a sizable chunk of Toyotas are made in the US.
GM's best selling vehicles (large trucks and Impala's) are made in Canada. Yet BMW has a very large plant in South Carolina. Hyundais and Kias are now made in the south.
If you want to put US citizens to work using the automotive industry, then nowadays, you gotta include foreign nameplates.
Just because you stick to including only domestic nameplates, doesn't mean by any measure you aren't simply keeping someone outside the country gainfully employed at the expense of someone here.
Class dismissed.
Last edited by guionM; Aug 4, 2009 at 11:41 AM.
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I'd be curious to see sales numbers by region under the CARS program. With the exception of one Ford dealer I visited over the last two weeks, I saw more customers at the import lots than any other, and mostly at Honda, Toyota and Lexus dealers. 
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Assembly is only a part of what it takes to bring a vehicle to market. GM alone employs as nearly as many Americans has all the other foreign automakers combined. GM has 37% of it's global workforce in the US, where Toyota has a meek 12% and most of those are low wage assembly, not higher pay scale salaried employees. Make no mistake these are 100% US tax dollars with no foreign contribution, that now somehow through the grace of our government we are funding revenue to foreign companies with our tax dollars. Our kids, or our kids kids will surely be proud of us when the bill comes due. What a great accomplishment, this is right up there with landing on the moon.
A $4200 rebate going to a person buying a Honda Accord (made here in the USA) does more to put Americans back to work than that same person buying a Ford Fusion (made in Mexico) or even a Chevrolet Camaro (made in Canada).
Ford employs as many Americans at one assembly plant, than Hyundai, VW, Subaru, Mercedes, and Mitsubishi each employ nationwide.
Also, lets not forget that a good sized click of congressmen from Tennesee, Alabama, Kentucky, South Carolina, and Georgia (just to name a few places) have large foriegn car makers supplying alot of jobs to their constiuents.... who just so happen to be American citizens.
Most vehicles Chrysler sells are from outside the US (the LX cars are made in Canada and the Rams are made in Mexico) and most of the cars Honda sells and a sizable chunk of Toyotas are made in the US.
GM's best selling vehicles (large trucks and Impala's) are made in Canada. Yet BMW has a very large plant in South Carolina. Hyundais and Kias are now made in the south.
Buying a Ford supports 6 times more jobs in the US than buying a Hyundia.
Ford built 7 times more vehicles in the US last year than Hyundia/Kia. Ford conducts a bulk of it's research, design, engineering, finance, marketing and assembly in the US. Hyundai/Kia performs the bulk of this same work in South Korea.
If you want to put US citizens to work using the automotive industry, then nowadays, you gotta include foreign nameplates.
Just because you stick to including only domestic nameplates, doesn't mean by any measure you aren't simply keeping someone outside the country gainfully employed at the expense of someone here.
It's amazing how we had vehicles and an industry without the foreign makes for decades, now we're under some mystical trance that we simply would become insolvent as a country if we didn't have foreign automobiles.
Now we're somehow convinced that spending 100% US tax dollars with foreign companies just because they're assembled here is the foundation of US employment and economy. Amazing.
Last edited by Derek M; Aug 4, 2009 at 04:13 PM.
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Most vehicles Chrysler sells are from outside the US (the LX cars are made in Canada and the Rams are made in Mexico) and most of the cars Honda sells and a sizable chunk of Toyotas are made in the US.
GM's best selling vehicles (large trucks and Impala's) are made in Canada.
GM's best selling vehicles (large trucks and Impala's) are made in Canada.
Honda's and Toyota's best selling cars (Civic and Corolla) both have assembly plants in Canada.
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http://www.autoblog.com/2009/08/04/j...-for-clunkers/
Jim Cramer throws his Mad Money behind Cash for Clunkers
Capitalist-on-steroids Jim Cramer of Mad Money fame (or, if you're a Daily Show fan, infamy) thinks Cash For Clunkers is a great idea. This might surprise some of you (and shock us), but here's his reasons why:
If the total price tag of C4C is $4 to $5 billion dollars, big deal – we spent more than that on Corn Flakes in Iraq.
General Motors and Chrysler are already welfare queens, at least C4C lets them move some metal.
C4C gives Ford, which Cramer calls "the most important auto company with the best lineup of fuel-efficient cars" a chance to stop burning cash, offer refinancing and perhaps equity offers (i.e. offer some common stock).
The environment will be cleaner – "We are doing something good against global warming."
Cramer does go on to say that certain parts of C4C smacks of The New Deal, but Clunkers' (relatively) small price tag is a cheap way to clean up the environment, fight unemployment and move inventory. Says Jim, "[i]t worked for the Chinese with their vouchers to spend, it's working here. What's the issue? Come on Senate, go make it bigger!"
Capitalist-on-steroids Jim Cramer of Mad Money fame (or, if you're a Daily Show fan, infamy) thinks Cash For Clunkers is a great idea. This might surprise some of you (and shock us), but here's his reasons why:
If the total price tag of C4C is $4 to $5 billion dollars, big deal – we spent more than that on Corn Flakes in Iraq.
General Motors and Chrysler are already welfare queens, at least C4C lets them move some metal.
C4C gives Ford, which Cramer calls "the most important auto company with the best lineup of fuel-efficient cars" a chance to stop burning cash, offer refinancing and perhaps equity offers (i.e. offer some common stock).
The environment will be cleaner – "We are doing something good against global warming."
Cramer does go on to say that certain parts of C4C smacks of The New Deal, but Clunkers' (relatively) small price tag is a cheap way to clean up the environment, fight unemployment and move inventory. Says Jim, "[i]t worked for the Chinese with their vouchers to spend, it's working here. What's the issue? Come on Senate, go make it bigger!"
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and the prius that u hate so much is going to be built in mississippi next year and supporting american jobs. how's that for ironic?